Change in LLP Agreements

Make the change in your LLP agreement

Change in LLP Agreements - An Overview

In Limited Liability Partnerships, the partners involved all have limited liabilities towards the actions of the firm, and are not held responsible for another’s diligence or lack thereof. It is often preferred by small businesses, as it functions with simplicity and limits the liability of the partners. An LLP agreement defines the scope and extent of an LLP’s operations, as well as outlines the rights, duties, and obligations of the partner. This agreement clarifies the role of the partners, their capital contributions, profit sharing ratio between the partners, protocols for dispute resolution between partners of the firm, closure of the firm, etc.

An LLP agreement should be carefully drafted to reflect the special needs of your LLP, so leave the drafting to our experts by signing for our Change in LLP Agreement service, so that you may focus on your firm and be ensured that your requirements are carefully reflected in the LLP agreement.

Process OF - Change in LLP Agreements

Documents Required for Change in LLP Agreements

Following information & documents are required for intimation to change in LLP agreement:

Frequently Asked Questions

What is the procedure for changing the registered office of an LLP?

Within 30 days of changing the registered office, notify the Registrar of Companies(RoC) by filing LLP Form-15 (Notice of change of place of registered address) within all relevant documents. LLP Form-3 (Information regarding the LLP agreement) must also be filed with the ROC, along with the prescribed fee.

What is a supplementary limited liability partnership agreement?

A supplementary LLP agreement is a document that specifies each partner’s rights, duties, and obligations in the Limited Liability Partnership (LLP) Company.

How do I update my LLP agreement?

The nature of business activities, as well as partners’ rights, duties, and obligations, are all addressed in the agreement. An LLP agreement can be easily modified. Pass a resolution to revise the LLP agreement. Within 30 days of the resolution’s passage, file Form 3 with the Registrar. You can also reach out to Vakilsearch to complete the process in three easy steps!

Who should be informed of the changes to the LLP agreement?

Within fifteen days of any change in his name or address, each partner must notify the limited liability partnership. If a partner’s name or address changes, file a notification with the registrar within thirty days of the change.

When will the LLP Agreement changes be effective?

To change any of the clauses in the original agreement, a supplementary agreement is executed as an addendum. It will be completed by paying the necessary stamp duty. Within 30 days of the modification or execution of the supplementary deed, any modification must be reported to the RoC.