Change of LLP Agreement
Limited Liability Agreement is the constitution document of the partnership and all the rights, duties, sharing among the partners and capital contribution, business activities of the partnership etc. are governed by the limited liability partnership agreement.
Limited liability partnership agreement may be required to be amended due to number of reasons like change in partners, change in partners sharing ratio, change in name of limited liability partnership, major diversification of business and change of registered office etc. All the amendments in the LLP agreement are required to be intimated to the Ministry of Corporate Affairs through filing a separate form along with the amended agreement and supporting documents.
Filing wrong information and supporting documents may lead to rejection of forms and thus require expertise. We at TaxMuneem take care of all your needs by providing personal supervision to compile forms and supporting documents.
Drafting of new LLP Agreement
Any other cost as per package
Courier charges for sending the documents to your address
Cost of any Expired DSC
Cost of stamp paper for LLP agreement if not included in package
Penalty/ Late fee for non- compliance
Any fees payable to the government in case of rejection of original filed application
Initial LLP Agreement
Amended LLP Agreement containing changes
Any optional attachments
2-3 week time for filing and processing of application
LLP Agreement is a charter of the LLP just like the Memorandum of Association in case of a Company. In a LLP Agreement, the details like obligations, duties, rights and activities of the business are laid down.
The following may be the reasons that may require to change the LLP agreement: –
- Change in the Business Activities
- Change in the Partners
- Change in Partner’s contribution & percentage of profit sharing
- Change in any other details like: –
- Restriction on the authority of partners
- Management of LLP
- Such other reasons as may be deemed fit according to the circumstances.
For the purpose of changing the LLP Agreement, the following as laid down shall be required: –
- A Resolution shall be needed to pass to revise the LLP Agreement.
- Form 3 shall be filed with the Registrar within a period of 30 days of passing the Special Resolution.
- Form 4 shall be filed for change in the Partner/Designated Partner in addition to form 3.
- Form 5 shall be filed for change in name of LLP in addition to form 3
- The Registrar shall on being satisfied that the requirements for the change of LLP agreement is complied with, register such change in LLP Agreement.
In case non-filing of form 3 (for change in particulars of Limited Liability Partnership Agreement) in addition to normal fee for filing the form an addition fee of Rs.100 per day shall also be charged.