Change in LLP Agreement in India

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

However, businesses have to follow a certain procedure, first, they have to apply for a  DSC and DIN certificate. Next, apply for the company name, and file the application with the required documents. Lastly, file the LLP agreement. For a detailed process, read the article till last.

Why must you opt for an LLP business structure?

The existence and running of an LLP do not solely depend on either of the partners. For example, the demise of a partner in a 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 an LLP is limited to the amount of capital invested, and there is no minimum limit to the amount of capital to be invested.

LLP Agreement

An LLP agreement is one of the primary documents required to make an LLP Company. It is an agreement made between the partners of the firm. Hence, drafting the agreement is very important as it carries information regarding the following:

• Member Partners
• Capital Contribution
• Profit Sharing Ratio
• Board Meetings
• Dispute Resolution Protocols
• Firm's Closure

Why must you opt for LLP Agreement Amendment services?

Every Legal procedure with a competent Government Authority, such as the MCA, comes with its share of legal roadblocks. Most registered Corporates are not well-versed with the minute legal procedure, such as the LLP Agreement Amendment procedure. So, it is sensible to seek out the required Legal Expertise. Here, we will suggest you opt for the LLP Agreement Amendment services.

We deal with the ifs and buts of the Legal Procedure

Our LLP Agreement Amendment Legal Services are both time- and cost-effective. We understand how cumbersome it gets to alter the nature of the governing laws of a Business, such as a Limited Liability Partnership. Therefore, our recommendation will be to connect and discuss your issues with as many legal advisors as possible and choose the best among them. 

Eligibility Criteria for Change in LLP Agreement

Following is what constitutes the eligibility criteria to change LLP agreement:

• The recommended change must be justified
• All the partners should consent to the recommended change

Documents required for Change in LLP Agreement

The following information & documents are required for intimation to change in the LLP agreement:

• Board Resolution of the LLP about the said change
• Certificate of Incorporation of the LLP
• Certified Copy of the LLP Agreement

Process for Change in 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 make the necessary changes.

Our Assistance in filing the Change in LLP Agreement

We at Registrationwala provide end-to-end solutions for filing Changes in LLP Agreement. Our services include:

• Collection of information and starting the process
• Drafting the application
• Reviewing the draft and making changes if necessary
• Providing you with the confirmation receipt

Registrationwala.com is a leading legal consultancy firm providing comprehensive services relating to LLP agreement changes.

Contact us now if you seek to make changes to the LLP agreement. 

FAQs

Q. Can a third party file for changes to LLP agreement in India?

A. No, a third party cannot file for amendments to LLP agreement as it requires the consent of the member partners of the LLP.

 

Q. Are there any restrictions on the changes that can be made to LLP agreement in India?

A. The game of restrictions is a little tricky when it comes to amending existing LLP agreement. To know in depth about the LLP agreement procedure, connect with our Incorporation Experts.

 

Q. Is there a special requirement to change the LLP Agreement of a registered partnership with the MCA?

A. The MCA puts forth no special requirement for LLPs to embark on LLP Agreement changing Procedure. But the applicant LLP must ensure that the recommended change is justified and that all its member partners consent to it.