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Change in LLP Agreement

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Altering the LLP Agreement is an easy and quick process. For altering the LLP Agreement, you need to pass an appropriate board resolution and file form 3 with the Registrar within 30 days.

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What is an LLP Agreement?

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The Limited Liability Partnership (LLP) Agreement is the charter of a Limited Liability Partnership company, 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. Altering the agreement is straightforward. All you need to do is 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.

What is the process of changing an LLP agreement?

The step by step process of changing the format of LLP agreement is as follows-

Step 1:

The partners must meet to pass a resolution for the required changes in the draft LLP agreement. This may be to change capital contribution, for example.

Step 2:

Within 30 days of the passing of the resolution, Form-3 needs to be filed with the Registrar.

The details to be submitted in Form 3 are-

1. Date of LLP agreement modification

2. Reason of the modification in the LLP agreement sample– whether it is due to:
- a. Change in a partner(s)
- b. Change in business activities
- c. Change in contribution and profit sharing percentage of any of the partners
- d. Any other change in matters related to-

Duties & rights of partners

Restrictions imposed on the authority of any or all of the partners

Administration and management of the LLP
- a. The procedure of calling and conducting meetings
- b. Acts that can be made only with the approval of all or a specific number of the partners

Contents of the indemnity clause
- a. The partners’
- b. Inclusion
- c. Retirement
- d.Cessation
- e. Resignation and
- f. Expulsion

Disputes and resolution of issues related to
- a. The partners
- b. The partner and the LLP

Voluntary winding up

Duration of the LLP

3. Possible activities of the business after the change

4. The division of industrial activity after the change in the LLP agreement format.

5. The details of contribution and profit sharing percentage of the partners after the change in the LLP agreement

Step 3:

Form-4 needs to be filed with the Registrar (along with the Form-3),

If the change in the LLP agreement format is due to the change in a partner(s) or designated partner(s).
In case of the appointment, cessation or change in designation/name/address of partner(s) or designated partner(s).

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TYPES OF CHANGES THAT CAN BE EXECUTED IN AN LLP AGREEMENT

Change in the name and activity of the LLP

Change in the contribution,right,and duties of the LLP

Amendment in the LLP Agreement

Change in the registered address, the profit-sharing ratio and the contribution of the LLP

Wind-up/dissolution of the LLP

What are the documents required to change an LLP agreement? (Checklist)

The following documents are required to change an LLP agreement –

Documents to be enclosed with Form 3

Original LLP Agreement
Modified LLP agreement
Supplementary Deed
Resolution regarding the changes to be made, which is passed in a meeting by the LLP Partners
Any supplementary forms or documents required as proof

Documents to be enclosed with Form 4

Consents of each of the partners
An affidavit or other proof of a change in name
Evidence of cessation
If any of the partners is a company, the copy of the resolution in this regard
Copy of authorization/resolution mentioning the name & address of individuals(s) nominated as a representative of the partner/nominee

Why Registerkaro to change LLP agreement

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What to keep in mind

Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)

Identity proof of director and

nominee(PAN card)

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