Amendment in LLP Agreement
The mutual rights and duties of partners inter se and those of the LLP and its partners are governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as “LLP Agreement”.
Further as per provisions of the LLP Act, 2008 in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.
Any changes or modification of the LLP Agreement can be carried out as per the terms of the LLP Agreement.
Following process needs to be followed to amend the LLP Agreement
1. Review the LLP Agreement and comply with the terms of the LLP Agreement for Amendment in LLP Agreement;
2. Determine the revised terms and Conditions, proposed to be modified;
3. Execute the Supplement Deed to the LLP Agreement; and
4. File Form LLP-3 with the ROC along with the Supplement Deed to the LLP Agreement.