The Limited Liability Partnership (LLP) Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP's operations as well as the rights, duties, obligations of the partners.
Altering the agreement is straightforward. Following steps should be followed while altering LLP agreement:
Step 1 :- A resolution needs to be passed to revise the LLP agreement.
Step 2 :- Form 3 is to be filed with the Registrar within 30 days of passing the resolution.
Documents to be attached with Form 3
- Initial LLP agreement
- Changed LLP agreement
Step 3 :- File Form 4 for change in partner/designated partner
Documents to be attached with Form 4
- Consent of the partner
- Evidence of cessation
- Affidavit or any proof of change of name
- If the partner or a designated partner is a company, copy of resolution of the company to become partner in LLP
- Copy of resolution/authorization letter mentioning name and address of individual nominated as representative nominee/partner.