LLP Agreement Format for Adding Partner

Limited Liability Partnership Agreement contains details information about LLP nature of business , partners details , roles and duties. Any change in LLP need to done through LLP agreement. As in case of adding partner in LLP , LLP Agreement need to be amended. For addition of partner in LLP agreement contain New partners details , share of contribution , profit and loss sharing ratio etc.In case of addition of partner LLP need to execute agreement which will be come amendment to existing agreement.  In this article we explained procedure for adding new partner in LLP. And LLP Agreement format for adding partner.

Content of LLP Agreement for addition of Partner

1. New Partners Details
2. Capital Introduced by New Partner
3. Mode of capital contribution ( like Cash / Asset etc. )
4. Details of Profit and loss sharing ratio
5. Roles & Responsibilities of new Partner
6. Duties of New Partner

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Who Can be added in LLP as Partner

Provision for addition of Partner is governed by LLP Act 2008.  Below are details as who can be added in LLP as Partner.

• An Individual unless other disqualified
• A Company incorporated under the Companies Act 1956 or Companies Act 2013
• A LLP incorporated under LLP Act 2008
• A LLP incorporated outside India A company incorporated outside India.

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LLP Agreement Format for Adding Partner

The Supplementary Limited Liability Partnership Agreement on Induction / Addition of New Partner In LLP

This Supplementary Liability Partnership Agreement is made on  0X/0X/20XX

Mr. ___________ residing at ______________________________ Which expression shall unless it be repugnant to the subject or contact there of including her legal hairs successors , nominees and permitted assignees an here after called the “ First Party / Continuing Partner.

Mr. ___________ residing at ______________________________ Which expression shall unless it be repugnant to the subject or contact there of including her legal hairs successors , nominees and permitted assignees an here after called the “ Second Party / Continuing Partner.

Mr. ___________________________ residing at ______________________________________________ Which expression shall unless it be repugnant to the subject or contact there of including her legal hairs successors , nominees and permitted assignees an here after called the “ Third Party / New Partner.

Now the  third party  is interest to get added in LLP and continue Limited Partnership firm founded by First and Second partner.

Nature of Business

To carry on the business of providing ___________________________________________________.

And where as on the request of the new partner and retiring partner and in consideration of the new partner contribution the sum of Rs. 2X000/- towards the capital of Partnership firm mutually as agreed as below.

• This agreement is supplementary to the LLP Agreement 0X/XX/20XX, supplementary agreement dated 0X/0X/20XX made between said parties.
• Form the date aforesaid new partner shall be a Designated partner subject to the terms and conditions of said partnership deed except in so far as the same varied by this agreement.
• Total contribution shall be as below

Profit And / Or Loss Sharing And Remuneration

The net profit of the LLP arrived at after payment of applicable taxes and providing for payment of Remuneration and interest, if any, (to the extent allowed under applicable provisions of the Income Tax Act, 1961, as amended or modified from time to time) to the Designated Partners shall be divided among following Partners as below:

Except as modified by this agreement the said LLP agreement dated  0X/XX/20XX supplement agreement dated 0X/0X/20XX shall be hereafter be read and constructed as if the same has been executed by the partners hereto.

In witness whereof, the parties hereto have set and subscribed their hands, the day and year first here in above written.

Partner No. 1 : ________________

Partner No. 2: ________________

Partner No. 3: ________________

Witness A: ________________

Witness B: ________________

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