Changes in Limited Liability Partnership Agreement
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Procedure for Adding a Designated Partner
If the proposed designated partner does not have the Designated Partner Identification Number (DPIN), then the applicant should apply for one and If the partner already has a DPIN it can be used
A resolution needs to be passed that approves the appointment of the designated partner form 4 needs to be filed for a change in a partner and form 3 for amendment in the LLP Agreement.
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What is an LLP Agreement?
An Limited Liability Partnership (LLP) Agreement is a written con of a Limited Liability Partnership company. It defines the scope and extent of the LLP’s operations as well as its rights, duties and obligations of the partners. Altering the agreement is easy. All you need to do is to pass a resolution approving the revision in the LLP agreement and file Form 3 with the Registrar within 30 days of the amendment as mentioned in the agreement.
Process of changing an LLP agreement
When a designated partner in an LLP is added ,the partner should be aware of his/her duties and responsibilities to be followed while in the tenure of holding the partnership.
- Date of agreement modification of LLP
- Reason of the LLP modification in agreement sample
- After the change possible activity of the business.
- The contribution details and profit sharing percentage of the partners after the change in the agreement
Documents required to change an LLP agreement
Documents to be attached with Form 3
Documents to be attached with Form 4
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