What’s The Procedure of Making Changes in the LLP Agreement?

The LLP (Limited Liability Partnership) agreement is vital for keeping the records of operation, administration, and managing the LLP firm. You need to make the LLP Agreement within 30 days with the MCA (Ministry of Corporate Affairs) after the LLP company registration is done. 

Reasons to Introduce Changes in LLP Agreement :

There are several reasons for introducing changes in the LLP agreement.

• Boosting additional capital to LLP
• Bringing another partner to the company board
• Amending the existing law of the LLP agreement
• Changes in terms and conditions of the LLP

These are the basic four reasons changes are brought in the LLP agreement.

Steps to Follow While Introducing Changes in LLP Agreement:

You can take a look at the steps that need to be followed while making changes in the LLP agreement.

1. All the partners associated with the LLP have to take a resolution regarding a change is about to come in the LLP agreement as well as what kind of changes are coming should also be mentioned. For example, who is going to take the responsibility of income tax filing now. 
2. Execution of the LLP agreement is the next step. The execution process is only going to be completed after the payment of the stamp duty.
3. Digital Signature Certificate (DSC) is required of all the designated LLP partners.
4. The LLP agreement attestation should be witnessed by at least two persons. 

After completion of the above-mentioned steps, the process of the LLP agreement modification would be much easier.

Take a Look at What is Form 3:

When all the above-mentioned processes are complete, the LLP board members have to fill up Form 3 with the registrars. After the amendment of the LLP agreement, the Form 3 filing process with the registrars should be done.

Details to be submitted in Form 3: 

1. Amendment date of the LLP agreement
2. Reasons working behind the modification in LLP agreement
3. Specifically, note the duty and responsibility of each partner
4. Whether or not any new rule has been applied to the running process of the management

Document to be submitted along with Form 3:

1. Original LLP Agreement
2. Amended LLP Agreement
3. Supplementary Deed
4. The Record of the Resolution Passes

These are the documents required to be submitted with Form 3.

Take a Look at What is Form 4:

You have to fill the Form 4 if any changes regarding your partner are about to come. In case, any partner changing issue arrives then along with Form 3, you have to fill up Form 4. Form 4 has to be filled if there is any change in the name of the company, change in the address of the company, change in the designation of a partner within the company.

Documents to be submitted along with Form 4:

You can take a look at the documents that are required to be submitted with Form 4.

1. Official Permission and Approval of the Partner 
2. Official Document of Cancellation of Agreement with the Partner
3. Affidavit or Official Document with the Name Change of the Company
4. If the new partner is not an individual but a company then an official letter regarding it should also be required. 

These are the basic four documents that need to be submitted along with Form 4.   

How to Proceed to Make Amendment in LLP Agreement :

You have the right to make changes in the LLP agreement if you want to make it. Before amending LLP rules, you have to register LLP company in India. Though you can do the necessary changes all by yourself if you think it's good then you can take the assistance of third-party experts. 

Types of Assistance You Can Expect to Get from Online Legal India™:

For bringing modification in an LLP agreement, you need to perform a few complex duties. You can take the expert’s assistance from Online Legal India™ for modifying the LLP agreement.

The experts can also help you if you want to make LLP registration online. With minimal fees and stipulated documents; you can make your LLP registered.  

So, be it altering LLP agreement or registering LLP through electronic mode, you can take the Online Legal India™ expert’s assistance.