When adding a new partner to an LLP focused on stock trading in India, where profits are shared amongst designated and other partners, do we need a separate agreement besides the LLP agreement? Can all the terms be outlined in the LLP agreement itself, or should a separate legal term sheet be drawn up for each new partner?

Indian law requires an LLP agreement outlining profit sharing and partner rights. While you can include terms for new partners within the existing agreement, a separate agreement is advisable for clarity and to avoid potential disputes, especially when designated partners are involved. This allows for specific terms tailored to the new partner’s contributions and expectations.