https://www.taxtmi.com/article/detailed?id=220 The LLP framework makes the limited liability partnership agreement the principal instrument governing partners' mutual rights and duties, admission and cessation of partners, designation of designated partners, transferability of profit shares, and ratification of pre incorporation agreements; amendments to the agreement must be filed in prescribed form. In the absence of agreement, the First Schedule supplies defaults including equal sharing of capital, profits and losses, partner indemnities, management participation without remuneration, unanimous admission of new partners, majority voting for ordinary decisions, recordkeeping of minutes, accounting duties, and arbitration for unresolved disputes. en-us Fri, 07 Nov 2008 00:00:00 +0530 Thu, 10 Dec 2009 21:40:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=220 The LLP framework makes the limited liability partnership agreement the principal instrument governing partners' mutual rights and duties, admission and cessation of partners, designation of designated partners, transferability of profit shares, and ratification of pre incorporation agreements; amendments to the agreement must be filed in prescribed form. In the absence of agreement, the First Schedule supplies defaults including equal sharing of capital, profits and losses, partner indemnities, management participation without remuneration, unanimous admission of new partners, majority voting for ordinary decisions, recordkeeping of minutes, accounting duties, and arbitration for unresolved disputes. Articles Limited Liability Partnership - LLP Fri, 07 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=220