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Change in LLP Agreement
Change in LLP Agreement refers to the process of modifying the terms and conditions of a Limited Liability Partnership (LLP) agreement. An LLP agreement outlines the rules and regulations governing the internal management of an LLP, such as the rights and duties of partners, profit sharing arrangements, decision-making processes, and dispute resolution mechanisms.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.
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Overview of 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. An 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 that necessitate the change in LLP Agreement like a 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 a 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
• The resolution passed by the partners
• Any other documents as required by MCA.
Advantages of Change in LLP Agreement
- The Contribution of Capital is changed by partners in LLP
- The changing of terms and conditions for addition, resignation, expulsion or the retirement of the partner involved in LLP
- The business activity, rights and liabilities are modified in LLP
Step 1: Passing of Resolution: The partners must meet to pass a resolution for the required changes in the LLP Agreement for according consent of all the partners & authorize a designated partner for fulfilling all the requirements of MCA for effecting change in the LLP Agreement.
Step 2: Execution of Supplementary/Changed LLP Agreement: A supplementary/changed LLP agreement must be entered into by way of payment of stamp duty as applicable. The same must be attached to form 3 for its approval with Registrar.
Step 3: Filing of Requisite Form: A form must be filed within 30 days of the passing of the resolution with the Registrar which is duly signed by the authorized personnel.
Step 4: Change in LLP Agreement: Once you submit the required form with the Registrar. Then the Registrar will verify the submitted form and the necessary changes will be made effective from the date of its approval.
- Consent of the partner and proof of cessation
- Affidavit or any proof of change of name
- Copy of resolution of the company and authorization letter mentioning name and address of individual nominated as partners of the company
FAQ's Change in LLP Agreement :-
No, the LLP agreement is not mandatory for all LLPs. However, certain provisions will automatically apply in the absence 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.
There is no limit to the number of times an LLP agreement can be amended.
The legal minimum is 2 partners to execute an 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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