Overview of Change in Agreements
The Ministry of Corporate Affairs (MCA) has issued the Limited Liability Partnership (Amendment) Rules, 2023, through a notification dated June 2, 2023. These rules amend the existing Limited Liability Partnership Rules, 2009. The LLP (Amendment) Rules, 2023, became effective upon publication in the Official Gazette. One of the fundamental changes introduced by this amendment is the revision of LLP Form No.3, which pertains to “Information concerning Limited Liability Partnership Agreement.”
Under the current regulations, every LLP must submit information about the LLP agreement by filing Form No.3 with the Registrar of Companies (ROC) within 30 days of incorporation. With the LLP (Amendment) Rules, 2023, the MCA has introduced additional disclosure requirements in Form No.3. Specifically, if the nominee is a body corporate, the form must now include additional information such as the type of body corporate and details of the LLPIN/CIN/FLLPIN/Other Identification Number associated with it.
Eligibility criteria for Change in Agreements in India
Following is what constitutes the eligibility criteria to change LLP agreement:
- The recommended change must be justified
- All the partners should consent to the recommended change
Documents required to obtain an Change in Agreements
The following information & documents are required for intimation to change in the LLP agreement:
- Board Resolution of the LLP about the said change
- Certificate of Incorporation of the LLP
- Certified Copy of the LLP Agreement
FAQs About Change in Agreements ?