LLP Agreement Format

Introduction

LLP Agreement is a legal document which contains the right and duties. It serves as a legal foundation ensuring smooth functioning and mutual understanding. However, the LLP Agreement is vast and complex, it would be recommended to read it more in detail. To understand more about LLP Agreement format, you can read this article thoroughly.

What is a LLP Agreement?

LLP Agreement is known as Limited Liability Partnership Agreement, is a legal document required for LLPs smooth functioning. This agreement includes the rights, duties and obligations of all the partners. This document must be filed within 30 days of incorporation of the LLPs. It includes detailed description of partnership structure, capital contribution, management structure and many more. However, LLP agreement plays a crucial role for admission, termination, or transfer of any partner.

LLP Agreement Format

LLP Agreement includes the rights and duties of the partners along with their obligations. It also includes details such as name of partners, their DIN, PAN, Registered Address, Date of Commencement, Capital Contribution, Percentage of Profit/loss, etc. Here is the main section of LLP agreement given below for better understanding:

• Name of the LLP: Name of the LLP is required as per Section 23(4) of the Limited Liability Partnership Act, 2008.
• Detail of the Partners: Name and address of the Partners (first party and second party) required.
• LLPIN: Limited Liability Partnership Identification Number along with date of commencement and registered office address.
• Capital Contribution: Capital contributed by partners along with their Profit/loss sharing ratio should be mentioned in the LLP Agreement.
• DIN & PAN: DIN & PAN of all the partners is required.
• Rules & Duties: Rules & Duties of all the partners should be clearly described in the LLP Agreement.

Here you can download the Complete LLP Agreement Format in PDF Format:

Fee Structure for LLP Agreement

Following is the fee structure for LLP agreement. Along with the fee there is a stamp duty that is generally calculated based on capital contribution from partners and the registered state of the LLP.

Stamp Duty on LLP Agreement

Here’s the stamp duty on LLP Agreement payable to capital contribution in a few major states:

How to file an LLP Agreement?

To file an LLP Agreement, you need to follow certain steps. These steps includes:

Step 01: Visit MCA Portal

The very first step is to go to MCA portal, where you can apply for your LLP Agreement.

Step 02: Login Process

Once you visit the given link, you can login by using your User Id including CIN/LLPIN/FCRN for company/Email ID.

Step 03: Select required form

After successfully login, you have to select the required form which is LLP Form 3. Also, in case of any change in the LLP Agreement you can select the required form you want.

Step 04: Enter/Upload necessary details and documents

Once you select the form, then you need to submit required details and documents.

Step 05: Review & Obtain SRN

After successfully uploading all the details and documents, you should review your application and you will get a Service Request Number (SRN) upon successful submission. Upload the PDF document with the affixed Digital Signature Certificate on the MCA portal.

Step 06: Pay Required Fee

After submitting the PDF, pay the required fee. At last an acknowledgement will be generated, confirming the completion of the process.

Why Bizfoc?

We at Bizfoc, provide a seamless, hassle free experience guided by a team of experts. Our Professionals ensure that every step is completed efficiently and effectively with legal requirements. At Bizfoc, we specialize in handling all LLP-related filings, including LLP Agreement, ensuring that your agreement includes every right and duty required in your company.

Conclusion

To obtain an LLP Agreement, you need to file form 3. An LLP Agreement is a legal document which is mandatory for all every LLP irrespective of their size. It includes all the rights and duties of the designated partner and members. The fee to file form 3 or LLP Agreement depends on the contribution made at the time incorporation by the partners. However, there is also a late fee for LLP Agreement. It would be recommended to file your LLP within the 30 days after the incorporation of the LLP.

Frequently Asked Questions (FAQs)