The Limited Liability Partnership (LLP) Agreement for a LLP is similar to that of the Memorandum of Association (MoA) and Articles of Association (AoA) for a private limited company. It states the scope and extent of the LLP’s operations as well as the rights, duties and obligations of the concerned partners.
Altering the agreement is very simple. By passing a resolution of the approval of the revision in the LLP Agreement is made.
PROCEDURE FOR CHANGING THE LLP AGREEMENT
1. The partners must meet to pass a resolution for the required changes.
2. Form-3 needs to be filed with the Registrar within 30 days of the passing of the resolution.