LLP reconstitution
The process of executing a reconstitution deed in an LLP involves making changes to the LLP agreement either adding or removing partners.
Following is a step-by-step guide to the process:
1.Review the existing LLP agreement:
Firstly, Start by thoroughly reviewing the current LLP reconstitution to identify the changes that need to be made. Determine whether the changes involve amendments to the existing agreement or the addition or removal of partners as soon as possible.
2.Partner consensus:
Call for a meeting of all partners to both discuss and obtain their consensus on the proposed changes. This meeting should follow the procedures specified in the LLP agreement and should ensure that all partners have given an opportunity to express their views as well as concerns.
3.Draft the reconstitution deed:
Prepare a reconstitution deed that clearly outlines the changes to be made. The deed should include details such as the revised LLP agreement, either new or additional partners’ information, the capital contribution of partners, profit-sharing ratios, rights, and obligations of partners, etc.
4.Partner consent:
Share the draft reconstitution deed with all partners and seek their written consent for the proposed changes. Ensure that all partners carefully review and agree to the contents of the deed before proceeding.
5.Execution of the deed:
Once all partners have provided their consent, execute the reconstitution deed by signing it. The deed should be signed by all partners in the presence of at least two witnesses.
6.Registration and filing:
Prepare and file the necessary forms and documents with the Registrar of Companies (ROC) as per the requirements of the Limited Liability Partnership Act, 2008. This may include filing Form 3 for changes in partners’ details, Form 4 for changes in the LLP agreement and any other relevant forms as prescribed.
7.Payment of fees:
Pay the applicable fees to the ROC along with the filing of forms. The fee amount may vary depending on the nature and extent of changes made in the LLP.
8.Approval and registration:
Once the reconstitution deed and necessary forms file, the ROC will review the documents. If everything is in order, the ROC will approve and register the changes made in the LLP reconstitution.
9.Updated LLP agreement:
After the reconstitution deed is registered and approved, obtain the updated LLP agreement reflecting the changes. Ensure that all partners receive a copy of the revised agreement.
To visit: https://www.mca.gov.in
10.Compliance and notifications:
Eventually, Update any necessary registrations, licenses, permits, or bank accounts with the updated LLP agreement and partner details. Notify relevant authorities, banks and other stakeholders about the changes made in the LLP overall.
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