Overview - Amendment of LLP Agreement
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LLP agreement is the agreement which determine the mutual rights and duties of the partners of an LLP and rights and duties in relation to the LLP. Situation may arise where partners required to amend LLP agreement to reflect present understanding. The following cases, usually LLP Agreement amendment required.
- Change in name of the LLP
- Change in activities of LLP
- Change in contribution
- Change in the LLP agreement to meet the requirements of Income tax Act
- Other changes such as voting rights, decision making, etc
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Amend LLP Agreement - Requirements
Procedures for Amending LLP Agreement
Understating present LLP agreement to adopt procedures to be followed for amending LLP Agreement. Usually partners consent required for effecting change either by written consent or resolution passed in the partners meeting.
Partners consent in writing or resolution passed at the meeting of partners. Procedures provided in the LLP agreement to be complied
Execution of Supplemental Agreement
After getting partners consent, execute Supplemental Agreement in appropriate stamp paper for filing with registrar of companies
Filing with ROC
After executing the agreement, file a copy in Form 3 with Registrar of Companies
Present LLP Agreement copy is only required for processing LLP Agreement amendment
Copy of present LLP agreement for identifying the procedures to be adopted for LLP agreement amendment
Partners consent accordance to LLP agreement