Partner. In Altering Partnership Terms.
Limited Liability Partnership is a step ahead of the traditional kind of partnership firm where the liability of the partners is kept limited to the extent of their contribution in the partnership firm. The LLP Act, 2008 governs and regulates the incorporation and compliance of an LLP and its administration. The LLP agreement is a very important document that poses as the constitution of the LLP. After the incorporation of a Limited Liability Partnership , the designated partners are entrusted to make sure that the Limited Liability Partnership complies with the statute at all times. The running of an LLP smoothly is vastly dependent on the managing partners, who complete all the compliance formalities immediately after the LLP’s incorporation as well as annually. However there are instances where they would want to make changes in the LLP agreement due to a plethora of reasons.
The LLP Act, 2008 permits changes in the LLP, but the process is lengthy and technical. We offer our services to help you change and alter your LLP agreement within the shortest time possible.
What are the main reasons for alteration in the LLP Agreement?
As the creation and incorporation of an LLP is a legal procedure, changes and alteration in the LLP also must comply with the laws under which it was first made. An LLP is governed and regulated by the LLP Act as well as its agreement, which is why changes are allowed in the latter only if they pass a consensus and comply with the LLP Act. For LLP agreement to be enforceable by law, it is required to be created on a non-judicial stamp paper of the appropriate value as per the state government rate in which the LLP is being established. The LLP Act states that the altered LLP agreement is required to be filed with the ROC within 30 days of its changes being made.
