Many LLP goes for change or modification due to many reasons. Ministry of corporate affairs is to be notified and approached for the change in LLP agreement. LLP agreement is the legal entity for the formation of LLP. It includes all the important details regarding the LLP. Changes in your business operation or any other change that has to be mentioned in LLP is done via a change in LLP agreement.

Procedure for changing the LLP agreement –

  • A board meeting is to be held where all the partners of LLP association are called by the company and informed about the change of LLP agreement. A board resolution is also passed for the change of the same.
  • Within a time limit of 1 month or 30 days after passing the board resolution, form 3 is to filled and submitted.

How to fill form 3?

The following details are to be filled in form 3 -

  • Date on which the changes in the agreement are done
  • The possible reason for change in the agreement – the reason could be changed in business, addition or subtraction of an LLP partner, shares or profit sharing is changed, changes in rights of certain partners, restriction on the activity of an individual, change in the managing committee of the LLP, etc. these changes are considered valid only when all the members of the LLP agrees with it.
  • All the details of the clause
  • If details of the partners are changes like admission, retirement, resignation expulsion etc.
  • Also, mention disputes if any among the partners and between the partners and the LLP
  • Duration of LLP
  • Winding up of LLP
  • Reason for winding up of LLP
  • Any other related information for the LLP agreement
  • After the change of the LLP, what have the changes happened to LLP
  • Information about the profit sharing and contribution of all the partners is also to be shared

The following documents are to be submitted along with the form 3 for the change in LLP agreement –

  • Earlier LLP agreement
  • The change that happened in the LLP agreement
  • Other required documents

Note – in case there is a change in the partner or designation of the partner – form 4 is to be filled. Along with form 4, the following documents are to be attached –

  • The approval for the change of the partner
  • Proof of the change
  • Affidavit in case of change of name
  • Copy of its board resolution
  • Proof of its name and address
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