08 April 2021
What is format of Supplementary agreement of LLp in case where out of 2 designated partners, one partner dies and on his place, the new designated partner will be appointed
07 July 2024
A Supplementary Agreement of LLP typically addresses changes in partnership structure or terms. In the scenario where one designated partner of an LLP dies and a new designated partner needs to be appointed, here's a basic format outline you can follow:
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### Supplementary Agreement of LLP
**Parties:** 1. [Existing LLP Details] (hereinafter referred to as the "LLP"), represented by [Name of Existing Designated Partner(s)], existing designated partner(s) of the LLP. 2. [New Designated Partner Details], residing at [Address], (hereinafter referred to as the "New Designated Partner").
**Background:** - The LLP was formed on [Date of Formation]. - [Name of Existing Designated Partner], one of the designated partners of the LLP, has passed away on [Date of Death].
**Agreement:**
1. **Appointment of New Designated Partner:** - The LLP hereby appoints [New Designated Partner] as the new designated partner to fill the vacancy created by the death of [Name of Deceased Designated Partner]. - [New Designated Partner] accepts the appointment and agrees to act as a designated partner of the LLP.
2. **Amendment of LLP Agreement:** - The LLP Agreement dated [Date of Original LLP Agreement] is hereby amended as follows: - Clause [Specify Clause Number] is amended to reflect the appointment of [New Designated Partner] as a designated partner of the LLP. - Any other necessary amendments to ensure the effective functioning of the LLP with the appointment of the new designated partner.
3. **Effective Date:** - This Supplementary Agreement shall be effective from [Effective Date of Appointment], upon completion of all necessary filings and registrations as required under the LLP Act and rules.
4. **Governing Law:** - This Agreement shall be governed by and construed in accordance with the laws of India.
5. **Execution:** - This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
**IN WITNESS WHEREOF,** the parties hereto have executed this Supplementary Agreement on the date first above written.
For and on behalf of [Existing LLP Details]:
Signature: _______________________ [Name of Existing Designated Partner] [Designation]
### Notes: - **Consultation:** It's crucial to consult with a legal professional to ensure compliance with LLP Act provisions and to tailor the agreement to specific requirements. - **LLP Agreement:** Ensure that all amendments are consistent with the existing LLP Agreement and comply with statutory requirements. - **Execution:** Signatures should be in the presence of witnesses where required by law.
This format provides a basic structure. Depending on the specific circumstances, additional clauses or modifications may be necessary. Always consider seeking legal advice to ensure the agreement meets all legal requirements and effectively reflects the intentions of the LLP partners.
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