Change in Objects of LLP
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Why we need to change the main business activities?
LLP is incorporated for doing any legal business activities. However, incorporation document prohibits, LLP from doing NBFC business activities. Also, LLP name guidelines, mandate that if the name of the LLP indicative of activity, LLP activities must relate to the activity indicated in the name.
The LLP agreement contains a clause regarding LLP activity and procedures to be followed for changing the object. Based on the partners understanding, the supplementary agreement is prepared and requisite e-Form filed with respective Registrar of Companies to changes the object of LLP.
Documents Required For Change in Objects of LLP
- Main object that is to be amended
- Supplementary agreement
- Resolution of the meeting of the designated Partners
- Minutes of the meeting of the designated partners
Objects can be change by executing the supplementary agreement/deed and file the E-form LLP-3
Supplementary deed/Agreement shall be executed in any change in the objects of the LLP.
Business activities consisting of banking, insurance, venture capital, mutual fund, stock exchange and asset management are allowed provided that in-principle approval from regulatory authorities is obtained. Please note that as per RBI guidelines, LLPs are not permitted to undertake NBFI activities.