The step by step process to change LLP agreement is as follows :
Step 1: The partners must meet to pass a resolution for the required changes in the draft LLP agreement. This may be to change capital contribution, for example.
Step 2: Within 30 days of the passing of the resolution, Form-3 needs to be filed with the Registrar.
The details to be submitted in Form 3 are :
1. Date of LLP agreement modification
2. Reason of the modification in the LLP agreement sample– whether it is due to:
Change in a partner(s)
Change in business activities
Change in contribution and profit sharing percentage of any of the partners
Any other change in matters
3. Duties & rights of partners
4. Restrictions imposed on the authority of any or all of the partners
5. Administration and management of the LLP
The procedure of calling and conducting meetings
Acts that can be made only with the approval of all or a specific number of the partners
6. Contents of the indemnity clause
The partners’
Inclusion
Retirement
Cessation
Resignation and
Expulsion
7. Disputes and resolution of issues related to
The partners
The partner and the LLP
Possible activities of the business after the change
The division of industrial activity after the change in the LLP agreement format.
The details of contribution and profit sharing percentage of the partners after the change in the LLP agreement
Step 3: Form-4 needs to be filed with the Registrar (along with the Form-3),
If the change in the LLP agreement format is due to the change in a partner(s) or designated partner(s).
In case of the appointment, cessation or change in designation/name/address of partner(s) or designated partner(s).