Changes in llp agreement

3079 views 9 replies

Rohit R. Agrawal

Partner

82 Points Joined May 2011

We need to add a new partner in a LLP. A partner (not a designated partner). I want to know on how much stamp paper the supplementary deed needs to be printed on. The capital of the LLP is 1 Lakh and is incorporated in Maharashtra. Also, which forms need to be filed and what documents need to be prepared

Replies (9)

Dimple Malik

Professional

23 Points Joined December 2015

Form 3 LLP is to be filed for supplementary agreement and Form 4 LLP is to be filed for Appointment of Designated Partner. On the amount of Rs. 1000 stamp Paper is required. In Form 3 LLP attached the Supplementary Agreement. No attachment is required in Form 3 LLP

Dimple Malik

Professional

23 Points Joined December 2015

Relevant Extract from Maharashtra Stamp Amendment Act, 2015

(24) for Article 47, the following Article shall be substituted, namely:-

“47. PARTNERSHIP—

(1) Instrument of any partnership inclusive of, Limited Liability Partnership and Joint Venture to run a business, earn profits and to share profits, whether in cash or in kind
(a) where there is no share of contribution in partnership, or where such share contribution brought in by way of cash does not exceeds 50,000.	Five hundred rupees.
(b) where such share contribution brought in by way of cash is in excess of rupees 50,000.	One per cent. of the amount of share contribution subject to maximum of rupees fifteen thousand.
(c)where such share contribution is brought in by way of property, excluding cash.	The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of Article 25, on the market value of such property.
(2) Dissolution of partnership or retirement of partner inclusive of, Limited Liability Partnership and Joint Venture to run a business, earn profits and to share profits, whether in cash or in kind
(a) where on dissolution of the partnership or on retirement of a partner any property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in the partnership.	The same duty as is leviable on a Conveyance under Clause (a), (b) or (c), as the case may be, of Article 25, on the market value of such property, subject to a minimum of rupees one hundred.
(b) in any other case	Five hundred rupees.”;