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Home Change of LLP Agreement

The LLP agreement is a fundamental document for the LLP which is deemed as the constitution of the LLP. The mutual rights and liabilities among the partners and the functioning of LLP as such is governed by the clauses of LLP agreement. ValCus has experience to handle drafting and filing of the LLP agreement. The relationship of partners intention and with the LLP is determined and prescribed in a written agreement termed as LLP agreement. The agreement of LLP is treated as partnership deed for the purpose of computation of stamp duty which needs to be paid to the state government for LLP agreement. The stamp duty is based on the capital of the LLP and the state where its registered office is located. If the partners do not have a written agreement then the relationship among the partners is governed by the schedule I of the LLP Act. The LLP is required to file the LLP agreement within 30 days of its incorporation. Likewise, whenever there is an amendment in the agreement the same is needed to be filed within 30 days of the amendment in the agreement. The amendment whether small or large, if not filed with the ROC does not have the legal backing.