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Overview of LLP Agreement Modifications
Similar to the Memorandum of Association and Articles of Association for a private limited business, the Limited Liability Partnership (LLP) Agreement serves as the charter for a limited liability partnership company. Along with outlining the partners' rights, responsibilities, and obligations, it also describes the nature and extent of the LLP's operations. Modifying the agreement is simple. Simply adopt a resolution approving the LLP agreement's modification will do. Within 30 days of the agreement's modification, the second step is to submit Form 3 to the Registrar.
Required Document for LLP Agreement
The following papers must be submitted to modify an LLP agreement.
Associated documents for Form 3
- First LLP Agreement
- Modified LLP contract
- Additional Deed
- A resolution describing the adjustments to be made is approved by the LLP Partners at a meeting.
- Any further paperwork or documents needed as evidence
- Each of the partners' consents
- A change of name affidavit or other documentation
- Evidence of the end
- A copy of the resolution in this regard, if any of the partners are corporations.
- Copy of a resolution or authorisation that includes the name and address of the person or people designated as the organization's representatives
Documents that must be attached to Form 4
FAQ
What is meant by an LLP Agreement?
The charter of an LLP, which is comparable to the MOA and AOA for a Private or Public Limited Company, is referred to as the "LLP Agreement."
What is contained in an LLP Agreement?
The operations, rights, obligations, and scope of the named partners are specified in an LLP Agreement, along with their range and extent.
Does a resolution need to be passed in order to change the LLP Agreement?
Yes, a resolution must be passed in order to change the LLP Agreement.
What Steps Are Involved in Modifying an LLP Agreement?
Pass a Resolution for changing the LLP Agreement and file Forms 3 and 4 with the Registrar are the steps in the process for revising an LLP Agreement.
What modifications are possible to an LLP Agreement?
Changes in the LLP's name, activities, rights and responsibilities of the partners, contribution rights, registered office, profit-sharing ratios, and winding up/dissolution of the LLP are among the several forms of changes.
What types of documents must be included with Form 3?
The Original LLP Agreement, Amended LLP Agreement, Supplementary Deed, Resolution regarding changes to be made, and any other documents necessary are all considered term documents.
What types of documents must be included with Form 4?
The term documents comprise each partner's assent, an affidavit for a name change, documentation of a breakup, a copy of the authorisation, and any other necessary paperwork.
What is the cost of stamp duty on an LLP Agreement?
The stamp duty that must be paid to register an LLP Agreement varies depending on how much money each partner has invested.
How many times can the LLP Agreement be changed by the partners?
The number of times that partners may change the LLP Agreement is unrestricted.