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Change in LLP Agreement
All you need to know
The Limited Liability Partnership (LLP) Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP’s operations as well as the rights, duties, obligations of the partners. It specifies the contribution of each partner, the profit sharing and details of a closure of LLP. Altering the agreement is straightforward. All you need to do is pass a resolution approving the revision in the LLP Agreement. You may get in touch with our compliance manager on 09704561215 or email info@Thinkbizfiling.com for for free consultation.
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ESSENTIAL
- Preparation of supplementary deed
- Change in LLP Agreement
Compliance Requirements for a Partnership Firm
Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.
Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.
Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.
firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency
Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.
Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.
Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.
Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.
Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.
Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.
Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.
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Get answers to all your queries
- An LLP Agreement is a legal document that outlines the rights, duties, and responsibilities of partners in a Limited Liability Partnership (LLP).
- Changes in an LLP Agreement may be required for reasons such as: ✅ Change in business activities ✅ Change in capital contribution ✅ Change in profit-sharing ratio ✅ Addition or removal of partners ✅ Change in management structure
- Yes, an LLP Agreement can be modified at any time with the consent of all partners and by following the regulatory process.
- orm LLP-3 must be filed with the Ministry of Corporate Affairs (MCA) for any changes to the LLP Agreement.
- The process includes: ✅ Drafting a Supplementary LLP Agreement with the proposed changes. ✅ Obtaining Partner Approval through a resolution. ✅ Filing Form LLP-3 with the MCA within 30 days of the change. ✅ Payment of applicable fees. ✅ ROC approval and update in records.
- ✅ Existing LLP Agreement ✅ Supplementary LLP Agreement with amendments ✅ Consent of all partners ✅ Board Resolution (if applicable)
- Minimum two dirYes, it must be filed within 30 days from the date of the change.ectors are required to incorporate a private limited company. Companies Act, 2013, has introduced the concept of One Person Company (OPC) private limited, in which a single individual can start a private limited company. Thus, if you plan to incorporate OPC, you can incorporate it with only one director.
- Yes, adding a partner requires amending the LLP Agreement and filing Form LLP-3 & LLP-4 with MCA.
- Yes, a Foreign National or an NRI can become a Director of a Private Limited Company in India after obtaining Director Identification Number (DIN). However, it may be noted that at least one Director on the Board of Directors must be a Resident India.
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
