The LLP agreement is a basic legal document that controls the LLP and its overall operations. The partners must follow the terms of the agreement and not breach any of them. By having a mutual agreement from the partners, the LLP agreement can be altered at any instance after the registration. Changes in activities, capital, or responsibilities and rights are among the most common reasons for change. A complementary agreement is usually incorporated additionally with the original agreement to alter the clauses. In order to make the changes a stamp duty has to be paid. Any form of modifications in the agreement should be reported to the ROC within 30 days of modification.
The Most Common Changes That Occur In an LLP
Changes to the agreement in general
The LLP's name change
Changes to the LLP's objectives
Change of LLPs registered office within the jurisdiction of the ROC
Shifting the registered office from one jurisdiction to another
Shifting the office from one state to another state
Introduction of a new LLP partner
Resignation or removal of an LLP partner
Transmission of LLP rights in the event of partner death
LLP sale to a completely new group of people
Changes in the LLP's profit and loss sharing ratio.