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CHANGE IN LLP AGREEMENT


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CHANGE IN LLP AGREEMENT

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. There may be situations which necessitate the change in LLP Agreement like change of business activities of LLP, change in capital contribution, addition or deletion of any partner 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. However, in case change in LLP agreement is due to change in partners/ designated partner, Form 4 has to be filed along with Form 3. Following documents must be attached with Form 3:

• Original LLP Agreement
• Supplementary/changed LLP Agreement
• Resolution passed by the partners
• Any other documents as required by MCA.



           
         


Procedure for Changing LLP Agreement




1
Passing of Resolution
2
Execution of supplementary/changed LLP Agreement
3
Filing of Requisite Form
4
Change in LLP Agreement












The partners must meet to pass a resolution for the required changes in LLP Agreement for according consent of all the partners & authorize a designated partner for fulfilling all the requirements of MCA for effecting change 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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