Legal Drafting

Partnership Deed/LLP Agreements

Partnership is a very common business format where two or more people can join hands to run a business & share profit or loss from that business. Limited Liability Partnership (Commonly referred as LLP) is a new concept introduced vide Limited Liability Partnership Act, 2008. For forming LLP, the LLP Agreement is required to be executed among the partners. Though it is not legally mandatory to have a written partnership agreement to start a partnership business; still having a written partnership agreement is extremely important to avoid the possibility of conflicts in business. Even in case of partnership among close friends and relatives, the written agreements are highly recommended as the level of mutual trust and equations may change but the legal written documents will never change.

Partnership deed contains many provisions related to admission of partner, profit sharing, dissolution, retirement which need to be drafted as per mutual understanding. It also needs to be ensured that all partners get a fair deal according to their capital and effort contribution. Further provision should be there to minimize future disagreement between the partner by covering maximum possible provisions and resolutions in case of conflict of interest

We at AAP consulting Private Limited provide the expert’s services for drafting the comprehensive partnership/ LLP agreement so that your partnership business may run smoothly or in case you are signing any partnership deed you may consult our legal experts before signing to avoid any legal

Rent Agreement/Lease Deed

Before taking or giving any premises for rent/lease an agreement has to be executed between the owner and the tenant/lessee. The agreements are to be drafted for both commercial as well as residential properties. These agreements need to be drafted even in case the Business entity is using any of the founder’s place for business purpose.  Generally, rent agreement is made for the period of 11 months or below; whereas, the lease deed is entered for letting out a property for more than 12 months.

Though it is not legally mandatory to have a written agreement before giving or taking any premises on rent/lease; however, having a written agreement is very important to avoid the possibility of conflicts in future.