Supplementary LLP Agreement



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Supplementary LLP Agreement

Every limited liability partnership firm has to enter into an agreement which describes the basic concept of the LLP and the rules and regulation on which the LLP would be working. The Agreement forms the important part of the whole process of the LLP.

It binds the partners under one roof and helps the smooth functioning of the Firm.

The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between the LLP and the partners. This Agreement would be known as “LLP Agreement”.

As per provisions of the LLP Act, 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.

Such admission and cessation will alter mutual rights and duties of partners shall change. Hence, supplementary LLP agreement will be required which is also required to be filed in e-form 3 within 30 days of change with fees.

Supplementary LLP Agreement

  • LLP can change the LLP Agreement by filing Form 3 (Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein). However, in case change in LLP agreement is due to change in partners/ designated partner, Form 4 has to be filed along with Form 3.

Supplementary LLP Agreement




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