Change in LLP Agreement
Altering the LLP Agreement is an easy and quick process. For altering the LLP Agreement, you need to pass an appropriate board resolution and file form 3 with the Registrar within 30 days.
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How To Make Changes In LLP Agreement?
Step 1
We collect and verify the documents
Step 2
Our experts draft the legal agreement
Step 3
The modified agreement is registered.
Change LLP Agreement
The Limited Liability Partnership (LLP) Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP’s operations as well as the rights, duties, obligations of the partners. Altering the agreement is straightforward. All you need to do is pass a resolution approving the revision in the LLP Agreement. The second step is to file Form 3 with the Registrar within 30 days of the amendment in the agreement.
Procedure for Changing LLP Agreement
3 Working Days
The partners must meet to pass a resolution for the required changes, whatever they may be. This may be to change capital contribution, for example.
4 Working Days
Within 30 days of the passing of the resolution, Form-3 needs to be filed with the Registrar.
FAQs on Change in LLP Agreement
Why change an LLP Agreement?
- LLP’s business activities undergo a change
- Addition or Reduction in capital or capital contribution by a partner of the LLP
- Change in any clause as mentioned in the LLP agreement
- The ratio of capital provided by partners changes
- Change within the management of the LLP
- Changes regarding the condition of adding, appointing, expelling, retirement or resignation of a partner
- Change regarding the profit sharing between partners
- Modification of rights of partners in the LLP
What all documents are required to change an LLP Agreement?
- Original LLP Agreement
- Supplementary Deed
- Resolution regarding the changes to be made, which is passed in a meeting by the LLP Partners
- Any supplementary forms or documents required as proof
When will the changes in the LLP Agreement be effective?
Supplementary LLP Agreement will become effective only after it is approved by the MCA. As soon as the government body approves the new LLP agreement, all the changes stated in it become effective as the date of execution changes automatically.
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