LLP Object Amendment

Overview

Sometimes LLP wants to amend its object to expand its business either by adding more new activities to the new one or by removing some existing activities. They can make this changes only by recording it in an agreement and every changes in the agreement should be approved by MCA.

Reasons for amendment of LLP object

1. When an LLP buys out a firm who is carrying a different business activity.
2. When an existing business activity is banned under law.
3. When the partners want to change the complete business activity.
4. When the partners want to add a new object and that object is not in the existing firm then they need to carry on different business activities.

How to register?

Procedure for amendment of LLP object

1. Firstly, we need to call a board meeting to obtain a consent of all the partners to amend the LLP object.
2. Then we need to draft an agreement where the object clause will be changed and to change the object clause we need to draft a supplementary agreement and this agreement should be executed on the stamp paper in front of the witness.
3. Once the agreement is executed it must be filled with MCA in the form-3 within 30days of execution of agreement and it must be certified with the professional CA/CS/Lawyer.
4. After that MCA will approve the changes if it is as per the law and after getting the approval LLP can start a new business activities. MCA could also reject it if it is not as per the law.

Documents Required

1. Agreement of the LLP.
2. Object which is supposed to be amended.
3. Resolution which is passed in the meeting of the designated partner.
4. All the details of the meeting of the designated partners.
5. Supplementary agreement