Do we need to have a written LLP Agreement?

The answer is no. As the state laws usually implies conditions to a business form that is considered a partnership.

However, is this how you and your partner(s) want your Limited Liability Partnership to be run? Most people choose to have a partnership as they have control and flexibility of their own business. How are you possibly able to do that if you are relying on the statute to guide you on your business decisions?

It is wise to have a meeting with your partners and discuss what your business expectations are and what you hope to achieve. This will not only give you an idea of what each others expectations are but it can reveal any points that there maybe of possible conflict and deal with them before you even form your partnership.

You do not have to spend extortionate amounts of money to have a partnership agreement drawn up. If you and your partners can come together and note down those matters that are important to you and what you have agreed you can have it drafted easily by online legal document drafters at a fraction of the cost.