How to manage LLP
LLP Characteristics
- LLP has no shareholders, stocks, or equity
- Only has partners
- Partners must manage the company according to the 2012 LLP Act, exercising their rights and obligations
LLP Powers and Duties
- All partners share capital and profits equally
- Partners can participate in company management
- Partners do not receive a salary
- Major decisions must be approved by a majority vote of partners, with each partner having one vote
Recommendation
- To avoid future disputes, draft a Partnership Agreement before starting coo