Change LLP Agreement Information
It is said that the Limited Liability Partnership (LLP) Agreement is the charter of the LLP. The LLP agreement defines the scope and magnitude of the LLP's actions as well as the rights, duties, obligations of the designated partners in the firm. Modifying or Altering the LLP agreement is simple. Only pass a required resolution approving the alteration in the LLP Agreement. The next is to file Form 3 with the Registrar of Companies within 30 days of such amendment in the agreement taken place.
Who can certify the Form?
The form to be filed must be certified by the authorized signatory.
Procedure for Changing LLP Agreement and timeframe
Work to be done
3 WORKING DAYS
The partners must meet to pass a resolution for the required changes
4 WORKING DAYS
Within 30 days of the passing of the resolution, Form-3 needs to be filed with the Registrar with requisite fees.
Frequently Asked Questions
The term “LLP Agreement” means the charter of an LLP, which is similar to the MOA and AOA for a Private or Public Limited Company.
An LLP Agreement defines the scope, ambit, and extent of the operations, rights, duties, obligations of the designated partners.
Yes, there is a need to pass a resolution for amending the LLP Agreement.
The designated partners of an LLP need to file Form 3 with the Registrar within 30 days of amending the LLP Agreement.
The steps involved in the Process for amending an LLP Agreement are Pass a Resolution for amending LLP Agreement, File Form 3 and Form 4 with the Registrar.
The different types of changes include Change in the name of LLP, Change in the activity of LLP, Change in the Rights and Duties of Partners, Change in Contribution Rights, Change in Registered Office, Change in Profit0-sharing Ratios, and Winding up/ Dissolution of LLP.
The term documents include Original LLP Agreement, Amended LLP Agreement, Supplementary Deed, Resolution concerning changes to be made, and any other document required.
The term documents include consent from each partner, affidavit for change in name, proof of cessation, copy of the authorisation, and any other document required.
The stamp duty payable for the registration of LLP Agreement varies as per the capital contributed by each partner.
There is no upper limit provided for the number of times partners can amend the LLP Agreement.
No, there is no standard format prescribed for drafting an LLP Agreement.
No, it is not mandatory for an LLP to get its LLP Agreement drafted.
No, there is no need to pay any stamp duty for the amendment of the LLP Agreement.
Normally, a period of 5 to 7 business working days is required for the amendment of the LLP Agreement.
The changes made in the LLP Agreement shall become effective from the date of execution or the effective date. However, the same is possible only after receiving approval from the Registrar for the application filed in concerned form.