The LLP Agreement defines the roles, responsibilities, and profit-sharing ratio of partners. Any change in business activity, address, or partner terms requires an amendment to this agreement and filing with the ROC.
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An LLP Agreement is a dynamic document. As your business grows, you might need to change the profit-sharing ratio, add capital, change the registered office, or modify business objectives. All such changes must be legally recorded via a Supplemental Deed and filed with the ROC.
Keeps the partnership terms clear and legally binding, preventing future disputes among partners.
Reflects the current reality of the business, whether it's new capital injection or revised roles.
Allows the LLP to adapt to changing business environments by modifying clauses related to operations.
Ensures that the LLP remains compliant with the LLP Act, 2008 by updating the ROC records timely.
Convening a meeting of partners to discuss and approve the proposed changes.
Drafting the Supplemental LLP Agreement covering all approved modifications.
Printing the deed on Non-Judicial Stamp Paper and getting it notarized.
Filing Form 3 with the ROC within 30 days of execution of the deed.
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