Change LLP Agreement

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Change LLP Agreement

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Know about LLP Agreement and change

LLP Agreement is a fundamental document that governs the LLP and its operations as a whole. The partners have to abide by the clauses laid by it and not to act beyond the scope drawn. An LLP Agreement can be changed any time after incorporation with the mutual agreement of the partners. Among various reasons, change in activities or capital or rights and responsibilities are top to lead change.

To change any of the clauses, a supplementary agreement is executed as an addendum to the original agreement. It will be executed by payment of required stamp duty. Any change must be notified to the RoC (LLP) within 30 days of change or execution of the supplementary deed.

Reasons for change in LLP Agreement

Documents required to change LLP Agreement

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Process to modify LLP Agreement

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Frequently Asked Questions

Once the deed is prepared by the professionals and confirmed by the partners, appropriate stamp duty must be paid on the agreement. Further, all the partners and designated partners must put their signature reflecting their approval for the change. A deed should be notarized if required.

The amount of stamp duty shall be payable based on the capital contribution involved in the change of LLP Agreement. The rates of stamp duty vary from state to state. Where the change of Agreement does not involve capital contribution, the Supplementary Deed to LLP Agreement shall be executed on payment of Rs 100/- towards stamp duty (included in package cost). The stamp duty in addition to Rs 100/- is payable separately.

Once the deed is executed by the partners, it must be filed with MCA for its approval. It is filed within 30 days of execution or the effective date, whichever falls earlier.

A requirement of a notary is led by the concerned State of LLP. Although it is not required for all States, for States such as UP or Delhi notarisation is mandatory.

The changes in LLP Agreement shall be effective since the date of execution or effective date, however only after receipt of approval from Registrar for the application made in concerned form.

No, LLP Agreement is not a public document and therefore it is not accessible through portal. However, change of capital and name is reflected on portal.

Where the change of business activity arises, consent of Partners through passing resolutions will be required which shall be followed by entering into Supplementary Agreement to Limited Liability Partnership Agreement of the LLP.

The Name Change of LLP can be effective by executing a supplementary agreement. First, an application for reservation of name shall be filed, which shall be followed by a procedure to change Limited Liability Partnership agreement.

Change in Partners and their designations include the change in LLP Agreement. However, a different set of processes are to be followed for the same, which is covered at http://www.legalwiz.in/add-or-remove-a-partner-partnership-and-llp-

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