An LLP agreement is one of the main documents required for the making of an LLP. It is an agreement made between the partners of the firm. Hence, drafting the agreement is of much importance as it carries information regarding the partner, capital contribution, profit sharing ratio, board meetings, protocols for dispute resolution, closure of the firm, etc.Agreement of the Limited Liability Partnership (LLP) is similar to Memorandum of Association and Articles of Association of a company. In the agreement, nature of business activities, rights, duties, and obligations of partners are mentioned.
Below listed are situations which involve a change of LLP information and need to change LLP Agreement arises:
Change of Business Activities of the LLP
Change of any of the clause of the LLP Agreement
Change of Capital Contribution by the Partners in the LLP
Addition of capital in LLP
Reduction in cthe apital of LLP
Change in ratio of capital introduced by the Partner(s)
Change in the Management structure of the LLP
Change of terms or conditions for
Addition of Partner;
Appointment of Partner;
Expulsion of Partner;
Retirement of Partner; or/and
Resignation of Partner
Change in Profit (loss) sharing ratio of the Partner(s)
Modification of any rights and liabilities of the Partner in the LLP
Change of period of LLP where the LLP is incorporated for the specified period of time
Consent letter of the Partners to apply for new name.
Initial LLP agreement
Pass a Resolution for the changes in llp agreement
Execution of Supplementary LLP Agreement
Pay the appropriate stamp duty and get it notarized
Signed by the all partners
File with the registrar in prescribed forms .
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