Agreement Changes

Agreement Changes

An LLP agreement is one of the main documents required for the making of an LLP. It is an agreement made between the partners of the firm. Hence, drafting the agreement is of much importance as it carries information regarding the partner, capital contribution, profit sharing ratio, board meetings, protocols for dispute resolution, closure of the firm, etc.Agreement of the Limited Liability Partnership (LLP) is similar to Memorandum of Association and Articles of Association of a company. In the agreement, nature of business activities, rights, duties, and obligations of partners are mentioned.

Below listed are situations which involve a change of LLP information and need to change LLP Agreement arises:

  • Change of Business Activities of the LLP
  • Change of any of the clause of the LLP Agreement
  • Change of Capital Contribution by the Partners in the LLP
    (1) Addition of capital in LLP
    (2) Reduction in cthe apital of LLP
    (3) Change in ratio of capital introduced by the Partner(s)
  • Change in the Management structure of the LLP
  • Change of terms or conditions for
    (1) Addition of Partner;
    (2) Appointment of Partner;
    (3) Expulsion of Partner;
    (4) Retirement of Partner; or/and
    (5) Resignation of Partner
  • Change in Profit (loss) sharing ratio of the Partner(s)
  • Modification of any rights and liabilities of the Partner in the LLP
  • Change of period of LLP where the LLP is incorporated for the specified period of time

Form-3- Rs-50/-(excludes stamp duty(statewide payable)

Form-4- Rs-50/-

  1. Pass a Resolution for the changes in llp agreement
  2. Execution of Supplementary LLP Agreement
  3. Pay the appropriate stamp duty and get it notarized
  4. Signed by the all partners
  5. File with the registrar in prescribed forms .