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Changes in LLP Agreement
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Basic Facts on Changes in LLP Agreement
What are the types of changes that can be done in the LLP Agreement?
Steps for making Amendments in LLP
Before the registration and form-filling process, some of the steps which need to be taken are as follows:
Once the above-mentioned steps are completed successfully, the further steps to change the LLP Agreement are very easy to be completed.
A resolution must be passed to revise the LLP Agreement.
Once the resolution is passed, within 30 days, form-3 has to be filed with the Registrar.
The details to be filled in Form-3 are:
- Modification date of the LLP agreement.
- The reason in whose accounts the changes have to be made:
- Changing the business
- Changing partners
- The change in the ratio of profit/loss between the partners.
- Changing the other important details, including:
- The duties and rights of the company/ partners.
- Restricting the authority of partner(s).
- Changing the management or the administration of the partners or altering the procedure of conducting meetings.
- Indemnity Clause details.
- Changing several details that are related to partners and are as follows:
Resolving the disputes between:
- Partners and the LLP
Other clauses that are related to LLP
- The business activity details after the amendments are done.
- As per NIC-2004, the main division of industrial activities.
- Details regarding the partners’ shares (both profit/loss) after the amendment.
Documents to be filed with Form-3:
- The LLP before amendments.
- The LLP after amendments is done.
- Other relevant and important documents.
Form-3 and Form-4 are required to change the designated partner. Form-4 must be filed to change address, name, designation, etc.
Documents to be filed with Form-4:
- Document with the consent of the partner.
- The proof of termination.
- The proof for changing the name or an affidavit for the same.
- In case the designated partner is a company, a resolution has to be given by the company to become a partner with LLP.
- An authorisation letter also needs to be submitted mentioning the name and address of the person nominated as the representative/partner.
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