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Modify Your LLP Partnership Deed with OneCallTax Hassle-Free & Quick Process

  • Are you looking to amend your LLP Partnership Deed? OneCallTax simplifies the process with expert legal support, ensuring seamless modifications. Get your revised deed drafted and registered with complete compliance. Act now! Call us today to get started!

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What is a Partnership Deed?

A Partnership Deed is a legal agreement between partners of a Limited Liability Partnership (LLP) that outlines rights, responsibilities, profit-sharing ratios, and operational protocols. This document forms the foundation of a legally binding partnership and ensures smooth business operations.

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Why is a Partnership Deed Important?

Benefits of an LLP Agreement:

  • Defines each partner’s role, responsibility, and contribution.
  • Helps avoid disputes and legal conflicts.
  • Acts as legal proof for banking and tax purposes.
  • Ensures compliance with LLP laws and regulations.
  • Clarifies profit-sharing, exit strategies, and decision-making processes.

Example of a Sample Partnership Deed with Clauses

Sample Partnership Deed Clauses:

  • Name of LLP – The LLP shall operate under the name XYZ LLP.
  • Registered Office Address – The registered office shall be located at [Address].
  • Capital Contribution – Partner A contributes INR 5,00,000, and Partner B contributes INR 7,00,000.
  • Profit-Sharing Ratio – Partner A and Partner B will share profits and losses in the ratio of 40:60.
  • Management Responsibilities – Partner A will oversee operations, and Partner B will handle financial management.
  • Admission of New Partners – Any new partner must be approved by a unanimous decision.
  • Dissolution Clause – In case of dissolution, assets shall be distributed as per agreed proportions.
  • Exit and Retirement Clause – Any partner intending to exit must provide a 3-month notice.
  • Dispute Resolution – All disputes shall be settled through arbitration in accordance with the Indian Arbitration and Conciliation Act, 1996.

Why Change a Partnership Deed in LLP?

Common Modifications in an LLP Agreement:

  • Addition or removal of a partner
  • Changes in profit-sharing ratio or capital contribution
  • Modification of business objectives or operational structure
  • Relocation of the LLP’s registered office
  • Change in partner roles and responsibilities
  • Compliance with updated government regulations

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Mandatory Clauses for Changing a Partnership Deed in LLP

Mandatory Modifications in an LLP Agreement:

  • Change in Partner Information (Addition/Removal)
  • Capital Contribution Amendments
  • Profit/Loss Sharing Ratio Updates
  • Operational and Management Role Adjustments
  • Dissolution and Exit Clauses
  • Dispute Resolution Updates
  • Approval Process for Changes

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Documents & Information Needed to Change Partnership Deed in LLP

Documents Required for Modifying an LLP Agreement:

  • Existing partnership deed copy
  • Digital Signature Certificate (DSC) of partners
  • LLP Agreement and Incorporation Certificate
  • Consent letters from partners
  • Proof of business address
  • Updated details of partners (PAN, Aadhaar, etc.)

Process & Forms Required to Change Partnership Deed in LLP

  1. 1Draft the Revised Deed
    • OneCallTax experts will help create the updated deed.
  2. 2Obtain Partner Consent
    • All partners must approve and sign the revised deed.
  3. 3File Form 3 & Form 4 with MCA
    • Form 3: Amendment in LLP Agreement.
    • Form 4: Addition/Removal of Partner.
  4. 4Payment of Government Fees
    • Fees are based on capital structure and changes made.
  5. 5Verification & Approval
    • MCA reviews and approves the changes.
  6. 6Updated LLP Agreement Issued
    • Your new partnership deed is now legally valid.

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Timelines for Changing LLP Partnership Deed

Timelines for Changing LLP Partnership Deed:

  • Drafting the new deed: 1-2 days
  • Partner approval & documentation: 2-3 days
  • Filing with MCA & approval: 5-7 working days

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  • How to change LLP agreement online
  • LLP deed amendment process
  • Change in LLP partnership structure
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