WHAT IS AN LLP AGREEMENT

• LLP agreement is a legal document having duties, rights, and liabilities of the partners in the company.
• Also, it explains the allocation of operations, administration, and management between the partners in LLP.
• It includes the details of the capital investment of each partner and profit-sharing details while dissolving the company.
• Hence, the Partnership agreement is an important document in establishing LLP as MOA and AOA are for a Private Company.
• LLP agreement must be filed with MCA within 30 days of online LLP incorporation.

• Our Chartered Accountant will guide you through the process. He/she will be your single point of contact for registration assistance and for all other services that we offer.
• Our motto is “You only do what you do best; to us, leave the rest”. We assure that once we start our relationship, you wouldn’t have to think about the areas which we handle.
• We take care all the documentation and follow up with the Ministry of Corporate Affairs to ensure that the changes in LLP Agreement is registered with Registrar of Companies at the earlies.
• We want you to not just Start Your Business, but also Run Your Business. With us, your first month of compliances such as TDS, GST and processes such as payroll and accounting are free to ease you into your business.
• We will also assist you with setting up and documenting Standard Operating Procedures (SOPs) for your business.

LLP agreement requires change or modification based on the alteration done in the business as well as the partner's position and other information regarding the partnership as found below:

• Change in Business Activities.
• Change in the Clause of Agreement (addition/removal).
• Change in Capital Contribution of the Partners (Addition/Reduction/Ratio).
• Change in Management Structure.
• Change of terms or conditions for Addition/Appointment/Removal/Retirement/Resignation of Partner(s).
• Change in profit sharing ratio.
• Change in rights and liabilities of partners.
• Change in duration of LLP (Incase the LLP is registered for a certain time period).

• Date of modification in agreement.
• Reason for modification.
• Rights and duties of a partner.
• Restrictions on the authority of partners.
• Administration and management.
• The procedure of calling and conducting meetings.
• Acts that can be made only with the approval of all or a specific number of partners.
• Indemnity Clause.
• Disputes and resolution of issues in regard to the partner(s) and the LLP.
• Voluntary winding up.
• Duration of the LLP.
• Possible activities of the business after the change.