LLP Reconstitution
LLP reconstitution refers to the process of changing the partners or designated partners of an LLP. It can occur due to the admission of new partners, retirement of existing partners, resignation of partners, or any other change in the partner or designated partner structure.
The process for LLP reconstitution involves the following steps:
Execution of Supplementary LLP Agreement: The existing partners of the LLP must execute a supplementary LLP agreement to reflect the changes in the partner or designated partner structure. The agreement must be signed and stamped as per the applicable stamp duty rates.
Filing Form-3: The LLP must file Form-3 with the Registrar of Companies (RoC) within 30 days of the date of the change in partner or designated partner structure. The form must be accompanied by the supplementary LLP agreement and the required fees.
Update LLP Agreement: The LLP agreement must be updated to reflect the changes in the partner or designated partner structure.
Intimation to Other Authorities: The LLP must intimate any other authority, such as the Income Tax Department, about the change in partner or designated partner structure.
The following documents are required for LLP reconstitution:
- Supplementary LLP agreement
- Form-3
- Updated LLP agreement
- Any other document required by the RoC or other authorities
The time required for LLP reconstitution depends on the efficiency of the LLP and the time taken for filing Form-3 with the RoC and updating the LLP agreement. Typically, the entire process can take between 15 to 30 days from the date of execution of the supplementary LLP agreement.