Change in LLP Agreement
Make Changes to LLP agreement or partners without any hassle with ExpertPoint’s easy procedures.
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1. Fill Form
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2. Call to Discuss
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3. Get The Changes Done
Amend Your LLP Agreement or Change Partners
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ExpertPoint can help you to amend or change your LLP agreement. Quick and hassle free process
Learn more about Change in LLP Agreement / Partners
Overview
The Limited Liability Partnership (LLP) Agreement is the charter of a Limited Liability Partnership company. It defines the scope and extent of the LLP’s operations as well as the rights, duties, obligations of the partners. It is a simple process wherein a resolution is passed by the partners approving the revision in the LLP agreement. Once the resolution is passed, Form 3 has to be filed with the Registrar within 30 days of the amendment in the agreement.
If there are changes in partners like retirement or addition of a partner, supplementary deed shall be executed and filed with ROC via Form 3 along with Form 4.
The following documents are required to change an LLP agreement and subsequent filing of Form 3
- Original LLP Agreement
- Modified LLP agreement (or) Supplementary Deed
- Resolution regarding the changes to be made, passed in a meeting by the Partners of the LLP
Timelines and next steps
The step by step process of changing the format of LLP agreement is as follows-
Partners to Pass resolution
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.
File Form 3
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 as follows:
- Date of LLP agreement modification
- Reason of the modification in the LLP agreement sample– whether it is due to:
- Change in a partner(s)
- Change in business activities
- Change in contribution and profit sharing percentage of any of the partners
- Any other change in matters
File Form 4 in case of change in partners
If the change in the LLP agreement format is due to the change in a partner(s) or designated partner(s), Form 4 has to be filed along with Form 3. However, if the changes are due to other reasons, filing Form 3 would suffice.
DPIN will be mandatory if a new designated partner is appointed. Corresponding forms have to filed with ROC and DSC has to be applied.
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