Change Partnership Deed

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Change Partnership Deed

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Know about Partnership deed and change

Partnership Deed is a fundamental document for the firm as it governs the firm’s operations and activities. The partners must abide by the clauses of partnership deed during its existence and must not act beyond the scope drawn. Hence, to extend or restrict the scope of activities or operations, partners may change the partnership agreement.

The changes in Partnership deed are made by execution of a supplementary deed which is an addendum to the original partnership deed. Payment of appropriate stamp duty is a must for said deed. The registration of the supplementary deed would be compulsory if the firm is already registered with Registrar of Firm.

Reasons of change in Partnership Deed

Documents required to modify Partnership deed

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Change Deed in 3 easy steps

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Process to modify Partnership Deed

Explore change of partnership deed

Frequently Asked Questions

Once the deed is prepared by the professionals and confirmed by the partners, appropriate stamp duty is paid on the agreement. The notarization of the deed is followed by the signature of all partners reflecting their approval for the change.

Stamp duty is variable and based on the concerned State law of firm. It is calculated based on the capital contribution involved in the change. However, if there is no change in capital, the supplementary deed must be executed by payment of Rs 100/- towards stamp duty (included in package cost). The stamp duty in addition to said amount shall be payable separately.

If the original partnership deed is duly registered with Registrar of Firms, then any modifications must also be notified to the RoF after its execution.

The changes will be effective after signature of partners and notary on the deed. If a partnership deed is registered, the certificate of modification must be obtained after execution.

Addition of a new partner can be made in a manner prescribed by the effective Partnership Deed. The partner to be added should fulfill the requirement as prescribed in the deed if any. The change of partner in partnership deed must be reflected along with the date of addition, terms, and conditions of joining, etc.

The resigning partner should first intimate about his willingness to resign to existing partners through resignation letter. The notice period can be as decided and mentioned in the DIN. Further, all the partners including the exiting partner have to enter in agreement (supplementary deed) whereby all the conditions and fact of exit should be enumerated.

For addition or branch place or new principal office, a supplementary partnership deed for a change of address must be executed in a manner explained in the first FAQ.

The activities can be modified or updated as per the mutual agreement of the partners. All you need to do is explain about the new activities or the change to your executive and rest will be taken care and implemented through supplementary deed.

The name of the partnership firm can, of course, be changed, but with the consent of all partners as it implies to change in the constitution of a partnership firm. Further, after executing the changes, the firm must apply for updating the name in every registration obtained and also in the PAN card. The service of updating PAN is not included in given package.

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