Change LLP Agreement
Limited Liability Partnership or LLP agreement is one of the most important documents for an LLP. This agreement governs an LLP. But it does not mean that it cannot be changed. It is possible to change LLP agreement if you need to add, delete, or modify some details from it.
Important Clauses in an LLP Agreement
- An LLP agreement:
- Defines scope of work of LLP.
- States partners' roles as well as responsibilities.
- It also lays down the rights of the partners.
How to Change LLP Agreement
- Changing an LLP agreement is quite simple. You just need to follow the easy steps as given below.
- First of all, pass a resolution which approves the change in LLP agreement.
- After passing this resolution, intimate the Registrar within 30 days.
- Make an application for change in agreement in Form 3. Also, if the only change is in respect of any partner, use Form 4 for filing.
Also remember that a copy of the minutes of meeting in which resolution was passed must always accompany Form 3 or Form 4, as the case may be.
Fee for Change in LLP Agreement
The government fee for changing the LLP agreement starts from Rs. 50 and goes up to Rs. 200. The professional fee starts from 4999 INR and varies as per your needs.
Timeline for Change in LLP Agreement
The entire process can take anywhere between 4 to 30 business days. This is because the time for passing the resolution may vary from one LLP to another. Further, it will take even more time if the partners make a delay in intimating the registrar.
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