A limited liability partnership (LLP) agreement is a professionally licensed partnership that protects partners from personal liability of business decisions. These legal entities serve as pass-through entities for tax purposes and are organized to specifically help certain licensed professionals such as lawyers, accountants or architects. But, what if you are just starting out in business and you do not have the funds to retain a lawyer yet? Well, then, the answer lies in pre-made templates. In business, one man’s word is not good enough. You need to get things down in writing so you can be sure that any agreements will be properly enforced. They share in the profits, but they also share in the losses. Each individual partner is also personally on the hook for any actions of the team – this is called joint and several liability. A buy sell agreement is formed between the business partners and is also termed as buyout agreement. The legally binding contract certifies the follow up of a situation where one of the partners leave the business or dies or is compelled to come out of the business. Prime shall have no obligation to the Subcontractor for any changes to a Task Order that were not authorized in writing by Prime.