The Central Government has replaced a new Form No.3 for Limited Liability Partnership (LLP) through notification no. G.S.R. 411(E) on 2nd June 2023. The amended rules may be called the Limited Liability Partnership (Amendment) Rules, 2023.
The Limited Liability Partnership is a type of legal business organisation that combines aspects of partnerships and corporations. In an LLP, the partners’ personal responsibility for the debts and liabilities of the business is restricted.
The Form No. 3 provides the information of the LLP agreement or its changes. It is divided into parts where you can fill the form according to your purpose. Initially you are asked to fill the form either with regard to initial LLP agreement or with regard to changes in the LLP agreement.
However, you have to fill in basic details irrespective of your purpose like Limited Liability Partnership identification number (LLPIN), Name of the Limited Liability Partnership(LLP), Address of the registered office of the LLP, Jurisdiction of Police Station and E-mail ID.
If you are entering into your first LLP agreement, you must fill out the first section of the form with the information includes Name of the Limited Liability Partnership (LLP), Address of the LLP’s Registered Office, Jurisdiction of Police Station, E-mail ID, Business Activities to be Conducted by LLP on Incorporation, Contribution Obligation, Mutual Rights and Duties of Partners, Restrictions, if Any on the Partners’ Authority, …etc.
It also includes the admission of a new partner, retirement, expulsion, cessation and resignation of a partner. You have to fill up the procedures for calling, holding and conducting meetings, (where the decisions are to be made at meetings of partners).
If you already have an agreement but want to make some modifications to it, you must fill out the details in the second section of the form. The date that the agreement was modified, the number of amendments or modifications that have been made to the LLP agreement thus far, the SRN of Form 4 or Form 5 that was submitted within the last year from the date that this form was filed, via which notification of the change or amendment in the LLP agreement was filed with the Registrar,… etc has to be filled.
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