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.
Provision for addition of Partner is governed by LLP Act 2008. Below are details as who can be added in LLP as 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.
| Sr. No. | Name of the Partner | Nature of Contribution | Amount (in Rs.) |
| 1 | XX | Monetary | X000 |
| 2 | XX | Monetary | X000 |
| 3 | XX | Monetary | X000 |
| Total | Total | XX,000 |
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:
| Sr. No. | Name of the Partner | Profit & loss ratio |
| 1 | XX | 33.34% |
| 2 | XX | 33.33% |
| 3 | XX | 33.33% |
| Total | 100% |
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: ________________
