Overview - Change Activities of an LLP
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During the course of business, LLP may required to change activities either by adding new activities to the existing activities or remove some of the activities not required.
How LLP can Change Objects or Activities?
There is no specific provision in the LLP act regarding alteration of objects of LLP. In the rules, if any changes in the LLP agreement, a copy of changed LLP agreement and particulars of change shall me filed with Registrar. The only provision regarding LLP activity is section 11(2) (c) which is in fact matters covered in the LLP incorporation document.
Usually, LLP agreement contain a clause regarding LLP activity and procedures to be followed for changing the activity. Based on the partners understanding, LLP agreement set out procedures to be followed for altering LLP agreement.
After completing the procedures set out in LLP, LLP shall file a copy of revised LLP agreement with respective Registrar of Companies.
Does LLP can do any type of business activities?
LLP is incorporated for doing any legal business activities. However, incorporation document prohibit, LLP from doing NBFC business activities. Also LLP name guidelines, mandate that if name of the LLP indicative of activity, LLP activities must relate to the activity indicated in the name.
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Change LLP Activity - Requirements
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Documents Execution and Filing
Steps to Change LLP Activities
Present LLP Agreement
LLP activity amendment start with checking the provision of LLP agreement to see whether, LLP agreement permit such alteration.
Documentation for Alteration
Attend online e-lawyering interview and generate documents such as consent of partners or partners meeting minutes, LLP Amendment Agreement.
Verification of Documents
After preparation of document, next stage is verification of documents created to check errors and omissions
Preparation of Forms for Filing with ROC
Once the quality of documents are confirmed, all documents get executed for filing. Then respective forms are prepared for filing with Registrar
Submission of Clarification
Registrar may call for further information/clarification. All such clarification need professional replay.
Registration of Form filed with ROC
ROC will register the forms and LLP can start new activity
Not much documents required for processing LLP object alteration, It can be processed with the help of LLP Agreement in use.
Existing LLP Agreement
Copy of present LLP Agreement to see whether, provision of LLP agreement allows alteration and steps to be followed.
Partners Meeting or Consent
Usually LLP agreement mandate consent of partners in writing or in a partners meeting for amending LLP agreement.
Clarity of Proposed Activities
The proposed object must be in line with the name of the LLP if name is indicative of activity. Also, proposed objects shall not into NBFC activities.