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When to Amend LLP Agreement?
LLP agreement is the agreement which determine the mutual rights and duties of the partners of an LLP and rights and duties in relation to the LLP. Situation may arise where partners required to amend LLP agreement to reflect present understanding. The following cases, usually LLP Agreement amendment required.
- Change in name of the LLP
- Change in activities of LLP
- Change in contribution
- Change in the LLP agreement to meet the requirements of Income tax Act
- Other changes such as voting rights, decision making, etc
Requirements for amending LLP Agreement
- LLP Agreement: Copy of present LLP agreement for identifying the procedures to be adopted for LLP agreement amendment.
- Consent of Partners: Partners consent accordance to LLP agreement.
Present LLP Agreement copy is only required for processing LLP Agreement amendment.