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Alteration of LLP Deed


A Limited Liability Partnership's (LLP) deed is comparable to a company's Memorandum of Association and Articles of Association. The nature of business activities, rights, duties, and obligations of partners are all specified in the LLP agreement and all these information can be changed/altered.
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Overview

A Limited Liability Partnership (LLP) agreement is a legal contract that controls the management, responsibilities, and administration of the Limited Liability Partnership. This document is recorded with the Registrar of Companies, and it is also registered with the MCA after 30 days of LLP incorporation.

It's simple to change or modify the LLP agreement. Only pass a necessary resolution supporting the LLP Agreement change. The next step is to file Form 3 with the Registrar of Companies within 30 days of the agreement's alteration.

Below is the list of things that can be altered in an LLP Agreement
  • LLP’s name and Activity change.
  • Change the LLP's contribution, rights, and responsibilities.
  • Changes in the registered location, the profit-sharing percentage, and the amount contributed.



Benefits of Alteration of LLP Deed

Changes in the Business Activities

If an LLP wants to change its business activity or diversify the business, they can do so by doing an alteration in the LLP Deed.

Increase Capital

If any partner wants to increase the LLPs capital by investing more amount in the LLP, they can do so by altering the LLP deed.

Rights and Liabilities

Rights and liabilities of partners can be modified by altering the LLP deed.

Checklist/Requirements

  1. Original LLP Agreement
  2. Amended LLP Agreement
  3. Supplementary Deed
  4. Resolution concerning changes to be made

Process of Alteration of LLP Deed

Step 1: To modify the LLP agreement, a resolution must be passed.

Step 2: Within 30 days after passing the resolution, file Form 3 with the Registrar.

Step 3: Fill out Form 4 to request a change of partner/designated partner.

Step 4: Get the approval from MCA.

Alteration in LLP Deed

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Frequently Asked Questions


How much is the Stamp Duty paid on an LLP Agreement?
The stamp duty for registering an LLP Agreement is calculated based on the capital contributed by each partner.
The LLP Agreement has no upper limit on the number of times partners can change it.
No, stamp duty is not required for the modification of the LLP Agreement.
For the modification of the LLP Agreement, a period of 5 to 7 business working days is usually necessary.