A limited liability partnership (LLP) agreement is for either the establishment of a new business as an LLP or the transfer of an existing partnership business to an LLP.

The agreement records the matters agreed between the LLP members in relation to the internal workings of the LLP. Among other things, the LLP agreement covers profit sharing, admission of the new members, management and decision making, retirement and expulsion from the LLP and enititlement and obligations of outgoing members.