Assignment on Limited Liability Company Agreement

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DATED 5TH JANUARY 2020
LIMITED LIABILITY COMPANY AGREEMENT
Between
James Smith
And
Rachid Alami
Willis Law Firm

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BACKGROUND
A. James and Rachid wish to enter into a business as partners
B. Terms and conditions governing management of business are set out
in this agreement
The parties to this contract agree as follows:
Formation
I. The partners agree to enter into a Limited partnership as per the laws
of Morocco or otherwise stated in the Agreement.
Name
II. The partnership will be called: Raju Enterprise
Purpose
III. The function of the partnership will be to supply Seaweed from
Morocco to England
Term
IV. The partnership commences on 7th of July 2020 and terminate as
stated in the Agreement.
Location
V. The business location will be Casablanca and is subject to change
depending on the agreement between partners.
Capital Contribution
VI. Both partners will contribute to the capital either in cash, or property
as agreed on the value. James being the limited partner will
contribute $300,000 dollars while Rachid will Contribute $250,000
dollars.
Capital Withdrawal
VII. A written consent from all partners must be presented before
withdrawal of any capital.
Capital Amendments
VIII. Any capital amendments should not affect the interest of the partners
unless consented by all partners. Capital addition shall be contributed

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proportionately. Profits and losses will be allocated based on
individual capital contributions.
IX. Additional capital outside the Agreement is debt owed by the
partnership and not an increase in capital and must be paid with
interest without entitling any partner to voting rights or share of
profits.
Capital Accounts
X. Partners must maintain a capital account where all related amounts
will be credited as capital.
Interest
XI. Partners shall not be charged borrowing fee and loan interest will be
payable as per capital contribution.
Profit and Loss
XII. Partners shall equally share in the profits and losses of the
partnership for accounting and taxation purposes.
Yearly Reports
 The partnership shall provide a statement of income and tax returns
for all partners
 Income tax returns
Banking Systems
XIII. The partnership shall place its funds in major banking institutions
dealing in all currencies
Financial Year
XIV. The financial year ends on 31st December every year.
Audit
XV. Partners reserve the right to request for audit queries under the cost
of the partnership once every financial year.
Management
XVI. Management will be done by the general partner (Rachid)
Meetings
XVII. Partners are to hold meetings as agreed upon time, location and
reasonable terms.