Agreement of LLP could be considered as a vital document that governs administration, operations as well as management of a partnership with limited liability. This key document should be registered within a month of certification. When you own a business registered under LLP including all the partners, several changes have to be adopted for making operation’s policies in a simpler as well as standard way. The need for changing this agreement arises in order to change the business activities mentioned in it or any kind of clause. Along with that if the contribution of capital by any partner is changed then changing LLP agreement is also required.
The LLP agreement is quite alike association’s memorandum and association’s articles of a firm or business. In this agreement type of activities done in the business, duties, obligations, and rights of every partner is mentioned. The process of changing an agreement under LLP is not very complex, one can do it by following the steps given below-
1.The first step is passing a resolution is required for the revision of LLP agreement
2.The very next step is to fill form 3 within a month after the resolution has been passed, this form includes a number of details regarding the formation of a new agreement. Hence, it is very important here is a brief about details that are required to be filled in form 3-
3. Filing form 4 in order to change partner
4. You have successfully made the LLP agreement changed
There are a number of documents that are required to be submitted along with Form 4.
There are several frequently asked questions regarding the change in LLP agreement and here are some we get quite often.
After the registration have been done online, the change in the agreement of LLP can be done at any point in time. It is suggested to do the things according to the told steps, involve the partners in making the decision and do the right thing.