Under this LLP Agreement, cheques and electronic money transfers above a certain specified threshold need to be authorised by at least 2 designated members. Transfers for amounts below the threshold can be authorised by one designated member.
Any borrowing or lending carried out, guarantees given, or purchases of capital items made by the LLP above the same specified threshold will need the consent of all of the members.
The threshold an LLP sets will depend on the type of business it carries out and the sorts of amounts typically involved in its activities on a day-to-day basis.