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Change of LLP Agreement

Overview
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Process

Limited Liability Partnership or famously known as LLP is a company where all partners have limited liabilities. Here, one partner is not responsible for other partners’ diligence or negligence. Due to its simplicity in the functioning and limited liability to partners, it is one of the top choices for small and medium-sized businesses.

The existence and running of LLP do not solely depend on either of the partners. For example, the demise of a partner in Partnership Company may cause the company to disintegrate; whereas, in LLP, it may not cease to exist in such a case. The partners of an LLP may keep changing from time to time and it will not affect the LLP’s continuity. The liability of partners in LLP is limited to the amount of capital invested and there is no minimum limit to the amount of capital to be invested.

An LLP agreement is one of the main documents required for the making of an LLP Company. It is an agreement made between the partners of the firm. Hence, drafting the agreement is of much importance as it carries information regarding the partners, capital contribution, profit sharing ratio, board meetings, protocols for dispute resolution, closure of the firm, etc.

Procedure for Changing LLP Agreement

As the LLP agreement is part of the registration procedure, any change within the agreement must be intimidated to the Registrar. There is a simple procedure to be followed in case of a change in the LLP agreement.

Any change in the LLP agreement must be met with approval from the partners.

A resolution must be passed to state the same.
Next, a form must be filed within 30 days of the amendment attaching the certified copy of the minutes of the meeting where the decision of the amendment was taken.
The authorized personnel must duly sign the form.

The Registrar will verify the submitted form and the necessary changes will be made.

Changes in LLP

As the LLP is a creation of Law, the changes in it can only be done by the procedures established under law. Apart from the LLP Act, 2008, and the rules framed thereunder, the primary document which guides and prescribes the method of bringing in a particular change into LLP is its agreement. Needless to mention that the LLP agreement to be enforceable, must be executed on non-judicial stamp paper of appropriate value as per the relevant state government rates. The LLP Act further prescribes that the agreement must be registered with the ROC within 30 days of its creation or changes. Below is a discussion on some of the most common changes which an LLP may have to make.

General Changes regarding the Agreement
Change in the name of the LLP
Change in Object of the LLP
Change of registered office of LLP within the jurisdiction of ROC.
Change of registered office from the jurisdiction one ROC to others.
Change of registered office from one state to another state.
Introduction of New Partner in LLP
Resignation or Removal of a Partner of LLP
Transmission of Rights of LLP in the case of Death of Partner.
Sale of LLP to completely new set of person
Change in the profit and loss sharing ratio of the LLP

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Change of LLP Agreement Registration

₹2,999.00

Change of LLP Agreement in just 10 Days

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