With an amending resolution and a Form 3, you can alter an LLP agreement.

Introduction

In Limited Liability Partnerships, the partners involved all have limited liabilities towards the actions of the firm, and are not held responsible for another’s diligence or lack thereof. It is often preferred by small businesses, as it functions with simplicity and limits the liability of the partners. An LLP agreement defines the scope and extent of an LLP’s operations, as well as outlines the rights, duties, and obligations of the partner. This agreement clarifies the role of the partners, their capital contributions, profit sharing ratio between the partners, protocols for dispute resolution between partners of the firm, closure of the firm, etc.

An LLP agreement should be carefully drafted to reflect the special needs of your LLP, so leave the drafting to our experts by signing for our Change in LLP Agreement service, so that you may focus on your firm and be ensured that your requirements are carefully reflected in the LLP agreement.

Procedure

The process that must be followed for a Change in LLP Agreements is as follows –

1. A resolution must be passed stating the amendment in the LLP agreement.
2. Form 3 must be filed within thirty days of the amendment.
3. Form 4 is filed (as may be applicable).
4. The Registrar verifies the submitted form and approves the same.

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