Llp Agreement
Llp Agreement
BETWEEN
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AND
(Depending on the context in which such term is used, each party to this
Agreement shall be singularly known as ‘partner’ or ‘party’ and collectively as
‘partners’ or ‘parties’)
WHEREAS:
The parties hereto have mutually agreed to carry on the business of Software
designing, development, customisation, implementation, maintenance, testing and
benchmarking, designing, developing and dealing in computer software and
solutions, gaming and entertainment Software and to import, export, sell,
purchase, distribute, host (in data centers or over the web) or otherwise deal in
own and third party computer software packages, programs and solutions, and to
provide internet / web based applications, services and solutions, provide or take
up Information technology related assignments on sub-contracting basis, offering
services on-site/ offsite or through development centers using owned /hired or
third party infrastructure and equipment, providing solutions/ Packages/ services
through applications services provider mode via internet or otherwise, to
undertake IT enabled services like data processing, Back office processing, data
warehousing and database management and to do all other incidental things acts
necessary for the attainment of this object(s) etc. under the name and style of
“ASTRALGAZE TECHNOGLOBAL SERVICES LLP”
And each party hereto assures the other that they have legal right, power and
authority to enter into, deliver and perform their respective obligations under
this Agreement and that the execution, delivery and performance of this
Agreement has been duly authorized by all necessary actions on their
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respective part and this Agreement will constitute valid and binding
obligations, enforceable against them respectively in accordance with their
terms.
This LLP Agreement shall be filed with the Registrar in accordance with the
provisions of the LLP Act, 2008 together with Limited Liability Partnership
Rules, 2009 and subsequently on each modification(s) thereto.
AND WHEREAS the party of the First Part and party of the Second Part hereto
agreed to become Designated Partners of the LLP, on the terms & conditions
hereinafter contained.
AND WHEREAS the party of the First Part and party of the Second Part to be
the Designated Partners of the LLP to carry on the partnership business as a
Limited Liability Partnership (LLP) registered under the provisions of the
Limited Liability Partnership Act, 2008 together with Limited Liability
Partnership Rules, 2009 and subsequently modification(s) thereto.
a. “Accounting year” means the financial year as defined in Section 2(l) of the
Limited Liability Partnership Act, 2008.
b. “Act” or “LLP Act” means the Limited Liability Partnership Act, 2008.
c. “Partner” means the party of the First Part and party of the Second Part agreed
to become Partners in the LLP in accordance with this LLP Agreement or any
person or body corporate who admits to become partner in future in the LLP
in accordance with LLP Agreement.
e. “LLP” means the limited liability partnership formed pursuant to this LLP
Agreement.
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1. Name: Limited Liability Partnership shall be carried on in the name and style of
“ASTRALGAZE TECHNOGLOBAL SERVICES LLP” (LLP Identification
Number: ACM-0970) and hereinafter called as “the LLP”.
The LLP may change its registered office by following the procedure as laid down
in the said Act and with the consent of the Designated Partners.
The LLP, may in addition to the registered office address, may use any other
address for the purpose of correspondence as its address for service of
documents, under sub-section (2) of section 13 of LLP Act, 2008 with the consent
of the partners
3. Business:
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2. To carry on the business of dealing and maintenance of computer
hardware, computer systems and assemble data processors, program
designs and to buy, sell or otherwise deal in such hardware and
software packages and all types of tabulating machine, accounting
machines, calculators, computerized telecommunication systems and
network, software for gaming and entertainment their components,
spare parts, equipments and devices and to carry on the business of
establishing, running and managing institutions, school, and
academics for imparting education in computer technology, offering
equipment, solutions and services for networking and network
management, data centre management and in providing consultancy
services in all above mentioned areas.
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language processing and to undertake research and development,
promote excellence and leadership and computer science, modern
mathematics, vedic methodology, vedantic philosophy and universal
and eternal value premises and to provide for such research and
development including conducting and participating in seminars,
workshops, exhibitions, conferences and the like and to obtain
technical know-how, literature, brochures, technical data etc. from
abroad and export/disseminate them to other countries and engage
in manpower recruitment for overseas requirements and also bring in
necessary skilled personnel into the country and to develop, market,
implement systems and application software packages and related
products for Indian and export markets to conduct software and
hardware courses, to offer consultancy including hardware selection,
system design, manpower selection, software development,
implementation and training and to spread computer literacy and
computer aided education in rural and urban areas through
application of modern techniques, media communications and to
operate data and information processing centers and to render all
such services as are required by the customers in relation to
processing of information and also in the interpretation, application
and use of processed data.
4. Enter into compromise & arrangement with any person, LLP, Company
or body corporate subject to the compliance of LLP Act for the time being
enforced.
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5. Enter into arrangement for sharing of profits, union of interest,
cooperation or joint venture with any person, LLP or company or body
corporate.
7. Open, operate and close bank accounts, give and obtain guarantees,
borrower from banks, financial institutions or any other person on
providing security or without security, invest surplus funds of LLP in
appropriate avenues.
8. Institute or defend any suit or show cause notice before any adjudicating
authority, Appellate Authority, Tribunal or Courts, to appoint
consultants, advocates and authorized representatives for representing
LLP.
10. Purchase, sale and to deal in Stocks, Shares, debentures, bonds or other
securities of body corporates, mutual funds, co-operative society,
Government organization incorporated in India or abroad for investment
purpose.
11. Do all such act and things as may be necessary to carry out businesses of
the LLP. However, no change may be made in the nature of business of
the Limited Liability Partnership without the consent of the partners
unanimously.
5. Duration: The LLP shall commence from the date of registration and shall
continue to operate in accordance with the provisions of LLP Act and rules
framed there under and this Agreement.
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6. Contribution: The contribution of the LLP shall be Rs. 1,00,000/-
(Rupees One Lakh only) which shall be contributed by the designated
partners in the following proportions.
CONTRIBUTION
DIN NO NAME DESIGNATION
(Rs.)
DESIGNATED
03499517 SUJOY ROY 60,000
PARTNER
DESIGNATED
10958574 PRADIP DAS 40,000
PARTNER
TOTAL 1,00,000
Further contribution, if any required by the LLP shall be brought by the partners
subject to the approval in partners meeting.
9. Common Seal:
a. The LLP shall have a Common Seal and the same shall be laid before and
adopted at the partners meeting mentioned hereinabove and the Common
Seal shall be affixed to any document or contract as may be required with the
approval of and in the presence of the Designated Partners of the LLP on each
occasion and the same shall be recorded chronologically in the Seal Book
maintained for the purpose under their signatures.
b. The Designated Partners shall provide for and ensure the safe custody of the
Seal of the LLP.
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c. The Seal shall not be affixed to any instrument except by the authority of the
Designated Partners and except in the presence of the Designated Partners,
who shall sign every instrument to which the Seal is affixed
10. Audit: The Statement of Accounts and Solvency of LLP made each year shall be
audited, if applicable as per LLP Act for the time being enforced by a qualified
Chartered Accountant in practice in accordance with the rules prescribed under
the LLP Act. It shall be the responsibility of the designated partners of the LLP to
comply with the same, if applicable, under the aforesaid Act.
11. Annual Return: The LLP shall file an annual return up to 31st March each year,
duly authenticated with, with the Registrar within 60 (sixty) days of closure of
its financial year in accordance with the LLP Act. It shall be the responsibility of
the designated partners of the LLP to comply with the same.
12. Drawings: Each partner may draw out of the partnership funds as drawings
from the credit balance of his income account. Such drawings shall be duly
accounted for in the yearly settlement of accounts and divisions of profits of the
LLP at the end of each financial year.
15. Business transaction of partner with LLP: A partner may lend money to and
transact other business with the LLP, and in that event the Partner shall have the
same rights and obligations with respect to the loans or other business
transactions as a person who is not a Partner.
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16. Profits: The net profits of the LLP shall be divided in the following proportions:
% OF PROFIT
DIN NO NAME DESIGNATION
SHARING
DESIGNATED
03499517 SUJOY ROY 60.00%
PARTNER
DESIGNATED
10958574 PRADIP DAS 40.00%
PARTNER
TOTAL 100%
17. Losses : The losses of the LLP including loss of capital, if any, shall be borne and
paid by the partners in the following proportions:
% OF PROFIT
DIN NO NAME DESIGNATION
SHARING
DESIGNATED
03499517 SUJOY ROY 60.00%
PARTNER
DESIGNATED
10958574 PRADIP DAS 40.00%
PARTNER
TOTAL 100%
18. Bankers: The Partners of the LLP unanimously select the Bank as agreed upon.
19. Accounting year - The accounting year of the LLP shall be from 1st April of the
year to 31st March of subsequent year. The first accounting year shall be from
the date of registration of LLP till 31st March of the subsequent year.
20. Place of keeping books of accounts: The books of accounts of the LLP shall be
kept at the registered office of the LLP and other business place of the LLP for
the reference of all the partners.
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LLP business, shall be divided between the partners in the proportion specified
in and in accordance with the provisions of this Agreement.
22. Immovable Properties: The immovable properties purchased by the LLP shall
be clear, marketable and free from all encumbrances.
23. Intellectual Property : All brand names, logos, trademarks, etc. whether
registered or not, belonging to or used by the LLP for any project undertaken by
the LLP shall belong solely exclusively absolutely to the LLP.
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objection thereto provided that the said partner has intimated the said fact to
the LLP before the start of the independent business.
vi. On retirement of a partner, the retiring partner shall be entitled to get full
payment in respect of all his rights, title and interest in the LLP as herein
provided. However, upon insolvency of a partner, his or her rights, title and
interest in LLP shall come to an end.
vii. Upon the death of any of the partner/s herein any one of his or her heirs will
be admitted as a partner of the LLP in place of such deceased partner/s and
the heirs, executors and administrators of such deceased partners shall be
entitled to and shall be paid the full payment in respect of the right, title and
interest of such deceased partner/s.
viii. On the death of any partner, if his /her heir/s and/or legal heir/s opt not to
become the partner, the surviving partners shall have the option to purchase
the contribution of the deceased partner in the firm.
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(a) commit to buy any immovable property for the LLP ,
(b) submit a dispute relating to business of LLP business to arbitration,
(c) transfer, assign, mortgage or charge his or her share in the LLP or
any asset or property thereof or make any other person a partner
therein;
(d) withdraw a suit filed on behalf of LLP ;
(e) admit liability in a suit or proceedings against LLP;
(f) share business secrets of the LLP with outsider/s;
(g) remit in whole or part debt due to LLP;
(h) open a banking account on behalf of LLP in his/her name;
(i) give any unauthorized security or promise for the payment of
money on account on behalf of the LLP except in the ordinary
course of business;
(j) draw or accept or endorse unauthorizedly any bill of exchange or
promissory note on LLP’s account;
(k) lease, sell, pledge or do other disposition of any of the LLP’s
property otherwise than in the ordinary course of business;
(l) do any act or omission rendering the LLP liable to be wound up by
the Tribunal;
(m) derive any profits from any transactions of the LLP or from the use
of its name, resources or assets;
(n) do any act that may conflict his/her interest with the interest of
LLP or any of its other partners;
(o) take hire or dismiss any apprentice/servant/agent of LLP (except
in case of gross misconduct);
(p) lend any money or deliver upon credit any of the goods of LLP to
any person whom the other partner/s had previously been in
writing, forbidden to trust;
(q) secure unauthorizedly surety and/or guarantee for any one by
encumbering or otherwise charging or pledging the properties and
assets of the LLP;
(r) enter into any partnership, joint venture, float any subsidiary LLP
or Company with LLP being the promoter or acquirer of interest or
control of the former;
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(s) commit to compromise or relinquish any claim in whole or in part
of the LLP;
(i) in the ordinary and proper conduct of the business of the LLP;
(ii) in or about anything necessarily done for the preservation of the
business or property of the LLP;
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Subject to the provisions of the Act, the liability of the Partners to this LLP
Agreement shall be limited to the Contribution committed by them to the LLP.
(i) Partner may cease to be partner of the LLP by giving a notice in writing of
not less than 30 (thirty) days to the other partners of his intention to resign
as partner.
(ii) Majority of partners can expel any partner in the situation where the
concerned partner has been found guilty of carrying on activity/business
of LLP for fraudulent purpose.
30. Indemnity:
(i) The LLP shall indemnify each partner in respect of payments made
and personal liabilities incurred by him.
a. In the ordinary course and proper conduct of the business of the LLP;
or
b. In or about anything necessarily done for the preservation of the
business or property of the LLP.
(ii) The LLP shall indemnify and defend its Partners and other Officers from
and against any and all liability in connection with claims, actions and
proceedings (regardless of the outcome), judgment, loss or settlement
thereof, whether civil or criminal, arising out of or resulting from their
respective performances as partners and officers of the LLP, except in the
event of gross negligence or willful misconduct of the partner or officer
seeking indemnification.
(iii) Each partner shall indemnify the LLP and the other partner for any loss
caused to it by his unauthorized acts or any fraud committed by him in the
conduct of the business of the LLP.
31. Every Partner and any other person employed in the business of the LLP shall,
before entering upon his duties, sign a Declaration pledging himself to observe
strict secrecy and confidentiality in respect of all transactions of the LLP with its
customers/clients and the Statements of Accounts with individuals and in
matters relating thereto and shall by such Declaration pledge himself not to
reveal any of the matters which may come to his knowledge in the discharge of
his duties except when required to do so by mutual consent of the Partners and
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except so far as may be necessary in order to comply with the provisions of the
said Act and/or otherwise of law.
32. Meeting -
(i) The meeting of designated partners may be called by giving seven days notice.
In case of any urgent meeting is called, the notice clause is to be rectified by all
the partners.
(ii) The matter discussed in the LLP’s meeting shall be decided by a resolution
passed by a majority of the Partners based on their profit sharing ratio i.e.
voting shall be as per the profit sharing ration of the Partners.
(iii) The meeting of the partners may be called by sending seven days prior notice
to all the partners at their residential address or in case of urgent meeting, the
same can be called by telephonic conversation but the notice requirement is to
be rectified by all the partners.
(iv) The meeting of partners shall ordinarily be held at the registered office of the
LLP or at such other place as per the convenience of partners.
(v) Every LLP shall ensure that decisions taken by it are recorded in the minutes
within thirty days of taking such decisions and are kept and maintained at the
registered office of the LLP.
33. The LLP can be wounded up with the consent of all the partners subject to the
provisions of LLP Act.
34. Termination and Dissolution: The LLP Agreement may be terminated or the
LLP may be dissolved with the consent of all the partners subject to the
provisions of the LLP Act.
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35. Alteration of LLP Agreement:
b. With respect to any matter connected with the affairs of the LLP, which is
not specifically provided for herein, the partners may make such
agreements therefore and may set in such manner with regard thereto as
may be agreed upon by and between themselves.
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36. Miscellaneous Provisions:
a. Each party shall be responsible and liable for and shall pay their
separate/respective debts, taxes, dues and liabilities and shall indemnify
the other from any liability claims and demands made on the other/ the
LLP on account of non-payment of such taxes /debts /dues / liabilities.
b. The partners shall be entitled to claim any money or money’s worth paid
for or on behalf of the LLP. Any expense incurred exclusively for the LLP
shall be reimbursed in total. Including pre-incorporation expenses.
c. This Agreement represents the entire agreement between the parties and
no modifications shall be valid and binding unless reduced to writing and
signed by the parties.
f. Any notice by any Partner to the LLP may be given by addressing and
dispatching the same to the LLP by RPAD/Courier to the registered office
of the LLP or by Hand Delivery thereat.
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37. Severability: This Agreement constitutes the entire understanding/agreement
between the parties taking precedence over and superseding any prior or
contemporaneous oral or written understanding. Unless otherwise provided
herein, this Agreement cannot be modified, amended, rescinded or waived, in
whole or part, except by a written instrument signed by all the parties to this
Agreement. The invalidity or unenforceability of any terms or provisions of this
Agreement shall not affect the validity or enforceability of the remaining terms
and provisions of this Agreement, which shall remain in full force and effect.
38. First Schedule: The provisions of the First Schedule of the LLP Act shall apply
to LLP except to the extent modified by this Agreement.
39. Arbitration: In the event of any dispute or differences arising between the
parties hereto either touching or concerning the construction, meaning or effect
of this Agreement or the respective rights and liabilities of the parties hereto, or
their enforcement thereunder, it shall be first settled amicably through
discussions between the parties and if not resolved then otherwise referred to
the arbitration of a Sole Arbitrator if agreed upon, failing which to the Sole
Arbitrator as appointed by the Court in accordance with the provisions of
the Arbitration and Conciliation, Act 1996.
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IN WITNESS WHEREOF THE SETTLER AND THE FIRST TRUSTEES the parties
hereto have hereunto seen and subscribed their respective hands, on the day,
month and year first mentioned hereinabove.
Witness:
In the presence of:
________________________
SUJOY ROY
1. Designated Partner
DIN: 03499517
Address: 55/1, Khirki Bagan Lane, Ranaghat,
District: Nadia, Pin: 741201, West Bengal .
2. ________________________
PRADIP DAS
Designated Partner
DIN: 10958574
Address: Biharila Pally, Anulia, Satigachha,
Ranaghat, District: Nadia, Pin: 741255, West
Bengal .
Place: Ranaghat
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