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Change in LLP Agreement

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Change in LLP Agreement – Overview

The LLP agreement is a basic legal document that controls the LLP and its overall operations. The partners must follow the terms of the agreement and not breach any of them. By having a mutual agreement from the partners, the LLP agreement can be altered at any instance after the registration. Changes in activities, capital, or responsibilities and rights are among the most common reasons for change. A complementary agreement is usually incorporated additionally with the original agreement to alter the clauses. In order to make the changes a stamp duty has to be paid. Any form of modifications in the agreement should be reported to the ROC within 30 days of modification.

Some of the Most Common Reasons for Making Change in LLP Agreement

  • The functioning of an LLP business should be conducted within the rules and regulations explained and accepted in the LLP agreement. In order to make some alterations one must make changes in the LLP agreement. The actions can be altered by adding new interests or new clauses, or by discontinuing previous ones.
  • Capital is the most important need of a business, and it must be increased over time as the business grows. From the perspective of the partners, the capital sharing ratio and the profit (loss) ratios are inextricably linked. A complementary deed would be required to affect both or any of them.
  • Partners’ rights and responsibilities can be changed based on their roles and requirements while their status remains intact. While changing such terms, most administrative powers or restrictions on a few activities are covered.
  • Other important clauses, such as the jurisdiction of the LLP, the terms of resignation, the notice period, the conditions of appointment and removal, the duration of the partnership, and so on, can be changed to meet the needs of the partners and the business. Clause addition, modification, or deletion may also be covered.

Process to Make Changes in LLP Agreement

By reaching out to KhataDekho you can easily make changes to your agreement of Limited Liability Partnership. Change your agreement in three simple steps.

1. Reach out to Experts
  • Access our website and fill out a form
  • Get on call with the experts
  • Provide basic information and documents
2. Get expert assistance
  • Deliver all the required signed documents
  • Resolutions and documents will be drafted
  • Supplementary LLP agreement drafting will be done
  • PAY the stamp duty as per the advice
3. Altered LLP Is Incorporated

It only takes upto 12 to 15 working days* based on the government’s registration process!

What Documents Are Required to Change in LLP Agreement? (Checklist)

To modify an LLP agreement, the following documents are required:

  • Documents to accompany Form 3
  • Original LLP agreement
  • LLP agreement modification
  • Additional deed
  • Resolution concerning the proposed changes, which is passed at a meeting of the LLP Partners
  • Form 4 documents to be enclosed
  • Each of the partners’ consents
  • A copy of the authorisation/resolution that includes the name and address proof
  • Evidence for name change
  • In case of having a corporation as a partner a copy of the resolution is mandatory.

The Most Common Changes That Occur In an LLP

  • Changes to the agreement in general
  • The LLP’s name change
  • Changes to the LLP’s objectives
  • Change of LLPs registered office within the jurisdiction of the ROC
  • Shifting the registered office from one jurisdiction to another
  • Shifting the office from one state to another state
  • Introduction of a new LLP partner
  • Resignation or removal of an LLP partner
  • Transmission of LLP rights in the event of partner death
  • LLP sale to a completely new group of people

Timeline

Free Consultation and Documentation
  • Our Expert team resolve your queries. Our consultation is completely free.
Action Required by you
  • You Need to fill up the draft, Make Payment and Submit Documents to Khata Dekho
Action By Khata Dekho
  • Once the Documents are uploaded we’ll start the step -by-step process of Incorporation

Frequently Asked Questions (FAQs)

Within 30 days of changing the registered office, notify the Registrar of Companies(RoC) by filing LLP Form-15 (Notice of change of place of registered address) within all relevant documents. LLP Form-3 (Information regarding the LLP agreement) must also be filed with the ROC, along with the prescribed fee.
A supplementary LLP agreement is a document that specifies each partner’s rights, duties, and obligations in the Limited Liability Partnership (LLP) Company.
The nature of business activities, as well as partners’ rights, duties, and obligations, are all addressed in the agreement. An LLP agreement can be easily modified. Pass a resolution to revise the LLP agreement. Within 30 days of the resolution’s passage, file Form 3 with the Registrar. You can also reach out to KhataDekho to complete the process in three easy steps!
Within fifteen days of any change in his name or address, each partner must notify the limited liability partnership. If a partner’s name or address changes, file a notification with the registrar within thirty days of the change.
To change any of the clauses in the original agreement, a supplementary agreement is executed as an addendum. It will be completed by paying the necessary stamp duty. Within 30 days of the modification or execution of the supplementary deed, any modification must be reported to the RoC.
 

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