Change in LLP Agreement

Changes to the business environment, ownership structure, or management of the LLP require a revision of the LLP Agreement. A change in an LLP Agreement involves identifying the need for change, proposing and discussing the changes with all partners of the LLP, and drafting a new agreement that reflects the revised terms and conditions. The revised agreement must be approved by all partners of the LLP and filed with the Registrar of Companies.

• Change of the LLP's name
• Changes to the LLP's objectives
• Introduction of a new LLP partner
• Resignation or removal of an LLP partner
• Transmission of LLP rights in the event of partner death
• Changes in the LLP's profit and loss-sharing ratio
• Changes to the LLP agreement in general
• Shifting the registered office from one jurisdiction to another
• Shifting the office from one state to another state
• Sale of LLP to a completely new group of people
• Change of LLP's registered office within the jurisdiction of the ROC.

The LLP agreement is the governing document for an LLP business. It outlines how the partnership operates and the terms agreed upon by its members. Changes may be needed to accommodate new interests or to discontinue previous ones. All partners must agree on changes and follow legal requirements, with regular reviews to ensure the agreement remains relevant and protects all partners' interests. Some common reasons for making changes to an LLP agreement include:

• Need to increase capital as the business grows.
• Change in capital sharing ratio or profit (loss) ratios.
• Alteration of partners' rights and responsibilities based on their roles and requirements.
• Modification of important clauses, such as jurisdiction, notice period, appointment and removal, and duration of partnership to meet the needs of partners and the business.

Overall, changes in LLP agreements are essential to ensure the LLP operates according to the requirements of the partners and is adaptable to the changing needs of the business.

• Original LLP agreement
• LLP agreement modification
• Additional deed
• The resolution passed at a meeting of the LLP partners concerning the proposed changes
• Each partner's consent
• Copy of the authorization/resolution that includes name and address proof
• Evidence for name change (if applicable)
• Copy of the resolution (if a corporation is a partner)

These documents should be enclosed with Form 3 for changes in the LLP agreement. Additionally, Form 4 should also be accompanied by the necessary documents.

You can easily make changes to your LLP agreement with the help of Filing Buddy. Follow these three simple steps:

• Connect with Experts:

Fill out a form on our website and connect with our experts through a call. Provide basic information and documents.

• Get Expert Assistance:

Submit all the required signed documents and resolutions, and we'll draft the necessary documents. We'll also draft a supplementary LLP agreement and provide advice on paying stamp duty.

• Incorporate the Altered LLP:

Your altered LLP will be incorporated within 12-15 working days* based on the government's registration process.

*Subject to government processing time.