Change in LLP Agreement
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Changes in LLP Agreement
Altering the LLP Agreement is a simple process. You need to pass a resolution to approve the changes & file with Registrar within 30 days. We at TaxRodo help you to easily perform all the procedures:
➦ Consultancy regarding the amendment procedure
We will guide you through the procedure that you need to follow to make the changes in the agreement.
➦ Drafting the necessary documents
We will prepare all the documentation required to make the Changes in LLP Agreement.
➦ Filing the changes/amendments with Registrar
Finally, We will file those changes in the Agreement with the Registrar.
Note down the Required Documents
✍ Certified true copy of the minutes in which decision has been taken to make the changes in the agreement.
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Know how to make Changes in LLP Agreement
The LLP Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP’s operations as well as the rights, duties, obligations of the partners. Altering the agreement is straightforward. All you need to do is pass a resolution approving the revision in the LLP Agreement. The second step is to file the prescribed Form with the Registrar within 30 days of the amendment in the agreement.
There may be cases which required change in the LLP agreement to meet the business needs, like;
- Change in the management structure of the LLP
- Decision-making process
- Profit ratio or contribution etc
1. Whether the changes in LLP agreement are required to be intimated to anyone?
Yes, the changes are required to be intimated to the Registrar.
2. Is there a standard format of an LLP Agreement?
There is no standard format of an LLP agreement. Every LLP agreement is unique, although certain types of clauses of the agreement may remain similar in all LLP agreements.
3. How many times can the LLP Agreement be amended?
There is no limit to the number of times an LLP agreement can be amended.
4. How many partners are required to execute an LLP Agreement?
Minimum is 2 partners are required to execute a LLP agreement.