Template Description

This resolution template is for amending the main objects clause of a Limited Liability Partnership (LLP) Agreement) under the Limited Liability Partnership Act, 2008. The template is 2-page MS Word document. This Form is mandatory for LLPs amending its main object as per Limited Liability Partnership Act, 2008. The intended audience for this template includes LLPs, professionals, and other relevant stakeholders.

Understanding the Board Resolution for Amendment in Main Objects

Terminologies:

i.     ‘Board Resolution’ refers to an official document that formalizes the decisions taken by the LLP's partners during a meeting, as per the LLP Act, 2008.

ii.   ‘Object Clause’ is a section in the LLP Agreement that outlines the business activities the LLP is authorized to undertake.

Procedure for Amending the Main Objects:

• Preparation of Amendment: Draft the new object clause to be added to the LLP Agreement. Ensure the new objects align with the LLP’s strategic goals and comply with the LLP Act, 2008.

• Convene a Meeting: Schedule and hold a meeting of the LLP partners to discuss and approve the proposed amendments.

• Pass the Resolution: During the meeting, pass the resolution to amend the object clause. Ensure all partners agree and provide their consent.

• Document the Decision: Prepare the resolution document, detailing the new objects and the approval of the amended LLP Agreement.

• Execution and Filing: Execute the amended LLP Agreement and file the necessary documents with the Registrar of Companies or other relevant authorities.

• Implementation: Update internal records to reflect the new objects and inform all partners of the changes. Implement the new business activities as per the updated LLP Agreement.

Conclusion 

Amending the main objects of an LLP is a strategic decision that allows the partnership to diversify or focus its business activities. This resolution provides a formal and legal framework for making such changes, ensuring compliance with statutory requirements and aligning the LLP’s objectives with its operational needs. By adopting this resolution, LLPs can effectively manage their business scope and support their growth and development strategies.