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Changes to LLP Agreement
LLP Agreement outlines the rules and regulations governing the internal affairs of the LLP. Changes to LLP Agreement may arise due to changes in the management or operations of the LLP. Any changes made to the LLP Agreement must be in accordance with the LLP Act and must be filed with the Registrar of Companies.
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Overview of Changes to LLP Agreement
Limited Liability Partnership (LLP) is a unique type of company where all partners have limited liabilities. Under the LLP Act, 2008, Limited Liability Partnerships in India are required to be registered with the Registrar of Companies, and a separate LLP Agreement must be filed. This agreement is a crucial legal document that governs the operations of the LLP and ensures that each partner is protected from liability and joint liability created by the other partner’s wrong business decision or misconduct.
One of the significant advantages of an LLP is that its existence does not depend on any particular partner. Unlike a Partnership Company, where the death of a partner may cause the company to disintegrate, in an LLP, the partnership may continue to exist, even if there are changes in partners. Changes to the LLP Agreement are possible at any time after registration, as long as the partners mutually agree to the changes. Common reasons for making changes to the agreement include changes in capital, activities, responsibilities, and rights. At Legal Suvidha, we offer comprehensive services to help you file changes in your LLP Agreement, including drafting complementary agreements to change specific clauses.
Advantages of Changes to LLP Agreement
| Flexibility | Changes to the LLP Agreement can bring flexibility to the partnership, allowing partners to make modifications to their rights and obligations, capital contributions, and profit-sharing ratios |
| Adapting to Business Needs | As a business evolves, it may require changes to the LLP Agreement to better meet the current business needs. For example, changes can be made to add new partners, change the business objectives, or modify the terms of capital contributions |
| Improved Clarity | By making changes to the LLP Agreement, partners can clarify any ambiguities or misunderstandings that may have existed in the original agreement. This can help to reduce the risk of disputes or legal issues in the future |
| Maintaining Compliance | LLPs need to maintain compliance with the law and other regulatory requirements. Changes to the LLP Agreement can help an LLP to remain compliant with the latest regulations and stay up to date with changes in the law |
Registration Process
In order to make changes to an LLP Agreement, certain steps and forms must be followed-
Step 1: The first step is to arrange a meeting of the partners and obtain consent from each involved in the Limited Liability Partnership.This is done by passing a resolution for the partners.
Step 2: After this, authorization is given to one of the partners to fulfill the requirement of the appointment along with filing with the Ministry of Corporate Affairs (MCA). Once these steps are completed, the execution of the LLP Agreement is done by the payment of stamp duty, and signatures must be obtained from partners and attested by at least two witnesses.
Step 3: Once these steps are completed, making further changes to the LLP Agreement is easy. The process involves passing a resolution for revising the LLP Agreement and filing Form-3 with the Registrar within thirty days.
Step 4: Legal Suvidha provides comprehensive services for making changes to LLP Agreements, including assistance with the entire process and filing of necessary forms.”
Required Documents
1. PAN Card of the LLP
2. Certificate of Incorporation
3. LLP Agreement (original, modified & supplementary)
4. Digital Signature of an authorised partner
FAQ's Changes to LLP Agreement :-
The Agreement covers the nature of the business as well as the responsibilities, rights, and obligations of the Partners. A contract can be readily changed. Endorse a motion to amend the LLP Agreement. If the resolution has been approved, submit Form 3 to the Registration within 30 days.
The many forms of changes include renaming the LLP, changing its activities, altering the rights and obligations of its partners, changing its registered office, dissolving the LLP, etc.
The stamp duty that must be paid to register an LLP Agreement varies depending on how much money each partner has invested.
Pass a Resolution for changing the LLP Agreement and file Forms 3 and 4 with the Registrar are the steps in the process for revising an LLP Agreement.
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