An Overview of Change in LLP Agreement
LLP (Limited Liability Partnership) is a Company where all partners have limited liabilities. Limited Liability Partnership (LLP) has a different legal status. Each partner is protected from their liability; also protected by the joint liability created by the other partner's wrong business decision or misconduct. Registration of LLP in India is ruled under the LLP Act, 2008, and a separate LLP Agreement has to be filed. Limited Liability Partnerships are required to be registered with the Registrar of Companies.
The existence of a Limited Liability Partnership doesn't solely depend on either of the partners. For instance, the demise of a Partner in Partnership Company may cause the Company to disintegrate, whereas, in Limited Liability Partnership, it may not cease to exist in such a case. The partners of LLP may keep changing from time to time. It will not affect the continuity of LLP.
The LLP Agreement is a common legal necessary paper that controls the Limited Liability Partnership and its overall operations. The partners must follow the terms of the Agreement not violate any of them. By having a mutual agreement from the partners, the LLP Agreement can be changed at any time after the Registration. Changes in capital, activities, responsibilities and rights are among the most common reasons for Change. A complementary agreement is generally incorporated additionally with the actual Agreement to change the clauses. We at Corpbiz provide end-to-end solutions for filing Changes in LLP Agreements. Corpbiz is a legal consultancy firm providing comprehensive services concerning Changes in LLP Agreements.
Some Common Reasons for Making Changes in LLP Agreement
Following are some common reasons for making Changes in LLP Agreement:
Some Most Common Changes that Occur in an LLP
Following are some most common changes that occur in an LLP:
Necessary Papers Required for Change in LLP Agreement
Following are some vital necessary papers required for Change in LLP Agreement:
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Procedure to Make Changes in LLP Agreement
Before making the Change in LLP Agreement, there are a few forms steps to be followed:
Once all the above-mentioned steps are completed successfully, the further steps to alter the LLP Agreement are very easy to be completed. The steps are as follows:
Frequently Asked Questions
This is a necessary paper that specifies each partner's duties, rights and obligations in the LLP.
Once the approval from the Registrar is received, the LLP agreement will stand modified.
No, LLP Agreement is not public; only the Change in name and capital is shown online on the portal.
The business nature, as well as the Partners' duties, rights and obligations, are all addressed in the Agreement. An 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 Registration, or you can contact Corpbiz.
The different types of changes comprise changes in the name of the LLP, Changes in the activity of the LLP, Change in the Rights and Duties of Partners, Changes in registered Office, winding up or Dissolution of the LLP, etc.
No, there is no need to pay any stamp duty for the Change in LLP Agreement.