Change in LLP Agreement
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Change in Limited Liability Partnership Agreement
A limited liability partnership agreement is a contract between the partners of the LLP, which is to establish a proper relationship between them and to protect their investments. The Limited Liability Partnership (LLP) agreement is the charter of LLP, which defines the scope and extent of the rights, duties, obligations of the partners, along with the operation of LLP. It is similar to the Memorandum of Association and Articles of Association for a private limited company. Changing this agreement is simple. You only have to pass a proposal for approval of amendment to the LLP Agreement. The second step is to file Form 3 with the registrar within 30 days of the amendment in the contract.
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Procedure For Change in LLP Agreement
Frequently Asked Questions
No, the LLP agreement is not mandatory for all LLPs. However, certain provisions will automatically apply in the absence of an LLP agreement.
There is no standard format of an LLP agreement that fits all types of LLPs. Every LLP agreement is unique, although certain types of clauses of the agreement may remain similar in all LLP agreement.
There is no limit to the number of times an LLP agreement can be amended.
The legal minimum is 2 partners to execute a LLP agreement. However, if a large number of partners exist, it would be advisable to incorporate the company with 2 partners and add more partners post incorporation.