LLP agreement is a document that dictates the rights, duties as well as the obligations of each partner in the Limited Liability Partnership Company. It also states the way the operations of the LLP are governed as well as business is managed.
The LLP agreement is a detailed documentation of the governing obligations on the operations, administration, and management. It has to be registered with the Registrar of Companies after incorporation, as well as registered online with MCA within 30 days of receiving the certificate of incorporation.
In The course of the company operations, there are surely going to be new additions in the LLP clauses, as well as specific editions or deletions. To affect these changes befitting the LLP’s current mode of operations, the changes should be documented in the LLP agreement. The change, however, cannot be done in the original document, but has to be carried out in a supplementary LLP Agreement.
What could lead to possible changes in a Limited Liability Partnership agreement?