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CHANGE LLP ACTIVITY

 

Limited Liability Partnership (LLP) can amend the activities of LLP by following procedures in the LLP agreement. Usual process is amend LLP agreement by incorporating the new activity or deleting one not required.

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Overview – Change Activities of an LLP

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OVERVIEW

LLP object or activity amendment, LLP can amend object by following procedures in LLP agreement. Usually partners consent with required majority is required for amending LLP agreement.

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During the course of business, LLP may required to change activities either by adding new activities to the existing activities or remove some of the activities not required.

How LLP can Change Objects or Activities?

There is no specific provision in the LLP act regarding alteration of objects of LLP. In the rules, if any changes in the LLP agreement, a copy of changed LLP agreement and particulars of change shall me filed with Registrar. The only provision regarding LLP activity is section 11(2) (c) which is in fact matters covered in the LLP incorporation document.

Usually, LLP agreement contain a clause regarding LLP activity and procedures to be followed for changing the activity. Based on the partners understanding, LLP agreement set out  procedures to be followed for altering LLP agreement.

After completing the procedures set out in LLP, LLP shall file a copy of revised LLP agreement with respective Registrar of Companies.

Does LLP can do any type of business activities?

LLP is incorporated for doing any legal business activities. However, incorporation document prohibit, LLP from doing NBFC business activities. Also LLP name guidelines, mandate that if name of the LLP indicative of activity, LLP activities must relate to the activity indicated in the name.

Change LLP Activity – Requirements


Place Order Online

 

Create Documents

 

Partners Meeting

 

Documents Execution and Filing

 

Steps to Change LLP Activities


Present LLP Agreement

LLP activity amendment start with checking the provision of LLP agreement to see whether, LLP agreement permit such alteration.

Documentation for Alteration

Attend online e-lawyering interview and generate documents such as consent of partners or partners meeting minutes, LLP Amendment Agreement.

Verification of Documents

After preparation of document, next stage is verification of documents created to check errors and omissions

Preparation of Forms for Filing with ROC

Once the quality of documents are confirmed, all documents get executed for filing. Then respective forms are prepared for filing with Registrar

Submission of Clarification

Registrar may call for further information/clarification. All such clarification need professional replay.

Registration of Form filed with ROC

ROC will register the forms and LLP can start new activity

Documents Required


Not much documents required for processing LLP object alteration, It can be processed with the help of LLP Agreement in use.


    Existing LLP Agreement

    Copy of present LLP Agreement to see whether, provision of LLP agreement allows alteration and steps to be followed.

    Partners Meeting or Consent

    Usually LLP agreement mandate consent of partners in writing or in a partners meeting for amending LLP agreement.

    Clarity of Proposed Activities

    The proposed object must be in line with the name of the LLP if name is indicative of activity. Also, proposed objects shall not into NBFC activities.

    Whether LLP can carry an activity not covered in LLP agreement or incorporation documents?
    No, if any activity beyond the power of LLP, it is illegal. LLP must amend LLP agreement to incorporate activities not covered .
    Whether LLP can do any legal business activities?
    Yes, subject to condition that activity must relate to LLP name if LLP name indicative of activity. LLP can’t carry NBFC activities.

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