Change LLP Agreement

Change LLP Agreement

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Change LLP Agreement

The Limited Liability Partnership (LLP) Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP’s operations as well as the rights, duties, obligations of the partners. Altering the agreement is straightforward. All you need to do is pass a resolution approving the revision in the LLP Agreement. The second step is to file Form 3 with the Registrar within 30 days of the amendment in the agreement. Like all business structures, the LLP is governed under federal and state laws, and it must follow those laws in order to maintain its business registration and licensing. In the event that the partners of an LLP want or need to make profit-sharing changes to the agreement, they must amend the agreement officially to indicate that legal changes have occurred. Fortunately, amending an LLP is largely the matter of completing the correct form and making any necessary changes to the tax forms.

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