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A Deed of Limited Liability Partnership (LLP) is a legal document that explains the rights, duties, and responsibilities of partners in an LLP. The firm name, partners' contributions, profit sharing ratio, decision making process, and exit terms are among the details it contains. This contract protects partners' rights, limits their rights, and guarantees smooth operation. In order to provide the LLP with legal status, it is registered with the government. A successful partnership requires a well drafted LLP deed since it helps avoid disagreements and guarantees commitment to legal requirements.
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