The Limited Liability Partnership Agreement is the most vital document of the LLP, just like the Memorandum of Association and Articles of Association for a company. It determines the extent and scope of the LLP's operations along with the rights and duties of the partners. An LLP Agreement carries information regarding the partners, capital contribution, profit sharing ratio, meetings, dispute resolution mechanism, closure of the firm, etc. There may be situations where the LLP Agreement needs to be changed, for instance, change in capital contribution, change of business activities of LLP, change in the addition or deletion of any partner, etc.
To make alterations in the LLP Agreement, you have to pass a resolution approving the change in the LLP Agreement. The second step is to file the required Form with the Registrar within 30 days of the amendment in the agreement. However, in case a change in LLP agreement is due to a change in partners/designated partner some additional form is required to be filed.
