CHANGE IN LLP AGREEMENT




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CHANGE IN LLP AGREEMENT

Definition Procedure Documents FAQs


CHANGE IN LLP AGREEMENT


The Limited Liability Partnership (LLP) Agreement is the most important document 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. A LLP Agreement is of much importance as it carries information regarding the partners, capital contribution, profit sharing ratio, board meetings, protocols for dispute resolution, closure of the firm, etc. To change the LLP Agreement, you have to 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




1

Passing of Resolution

2

Filing of Requisite Form

3

Change in LLP Agreement













The partners must meet to pass a resolution for the required changes in LLP Agreement.




Frequently Asked Questions





Is the LLP Agreement mandatory for all LLPs?
No, the LLP agreement is not mandatory for all LLPs. However, certain provisions will automatically apply in the absence of an LLP agreement.

Is there a standard format of an LLP Agreement?
There is no standard format of an LLP agreement that fits all types of LLPs. Every LLP agreement is unique, although certain types of clauses of the agreement may remain similar in all LLP agreement.

How many times can the LLP Agreement be amended?
There is no limit to the number of times an LLP agreement can be amended.

How many partners are required to execute an LLP Agreement?
The legal minimum is 2 partners to execute a LLP agreement. However, if a large number of partners exist, it would be advisable to incorporate the company with 2 partners and add more partners post incorporation.







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