How to make an Amendment in LLP Agreement?

Last Updated On: Jan. 5, 2022, 11:55 p.m.
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HOW TO MAKE AMENDMENT IN LLP AGREEMENT?

Limited Liability Partnership (LLP) having two or more partners form a special partnership with limited liabilities. As per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA) LLP is registered. It is a document that governs the management, duties, and administration between the partners involved in the Limited Liability Partnership. This document is registered with the Registrar of Companies and after 30 days of incorporation.

 

What are the changes that can be done in LLP Agreement?

  • Change the name and activity of LLP
  • To make an amendment in LLP Agreement.
  • To change in registered address, contribution, profit sharing ratio
  • To chane in rights, contribution, and duties of the LLP

 

Procedure to make amendment in LLP Agreement:

Before making the amendment in LLP Agreement there are few forms and steps to be followed:

  • The first step is to arrange a meeting of the partners and taking consent of each one involved for the LLP. It is done by passing a resolution for the partners.
  • To fulfill the requirement of the appointment along with filing with the MCA, the authorization is provided to one of the partners.
  • After carrying out the above two steps, the execution of the LLP agreement is further done by the payment of stamp duty.
  • The requirement of Stamp Duty
  • The supplementary deed and LLP agreement validity
  • The Signature needs to be done by the partners
  • The attestation has to be done by at least two witnesses.

 

Once the above-mentioned steps are completed successfully, the further steps to change the LLP Agreement are very easy to be completed.

The steps are as follows:

Step 1: Passing a resolution needs to be done for revising the LLP Agreement.

Step 2: Once the resolution is passed, within 30 days, form-3 has to be filed with the Registrar.

 

 

What are the reasons for changing an LLP Agreement:

The Following are the reasons for changing an LLP Agreement:

  • The Contribution of Capital is changed by partners in LLP
  1. Adding Capital
  2. Reducing Capital
  • The Management Structure of Capital is changed
  • The changing of terms and conditions for addition, resignation, expulsion or the retirement of the partner involved in LLP
  • The rights and liabilities are modified in LLP
  • Addition or reduction of the clause in LLP
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