Change of LLP Agreement
LLP (Limited Liability Partnership) Agreement is the charter document of LLP. It lays down the roles, responsibilities, rights and powers of the partners towards. LLP agreement clarifies the managerial, operational as well as the administrative outlook. LLP agreement also includes the relation between the partners of LLP.
There may be cases when the LLP agreement needs to be changed to meet the business needs.
Reasons for change in LLP Agreement:
- Change in the management structure of the LLP
- Decision making process
- Change in the Profit sharing ratio
- Change in management rights
- Addition of new activities
Procedure to be followed:
- Any change in LLP must be met with the approval of partners;
- A resolution has to be passed by the partners stating the same;
- This resolution has to be filed with the Registrar;
- Registrar will verify and necessary changes must be made
Frequently Asked Questions:
How many times can the LLP Agreement be amended?
There is no such limit an LLP agreement be amended.
How many partners are required to execute an LLP Agreement?
Minimum 2 partners are required to execute an LLP agreement, however if there exists more than 2 partners then it is advisable to incorporate with 2 partners and add other partners after incorporation.
How can Law Tarazoo help?
Law Tarazoo can help you incorporate an LLP (Limited Liability Partnership) which includes drafting of LLP Agreement and also our team of experts will help you to amend LLP Agreement if required.