Template Description

This partner’s resolution template authorizes the revision of capital contribution in a Limited Liability Partnership (LLP). It is 2-page MS-Word document. This resolution is mandatory for LLP’s seeking to modify their capital structure. The intended audience includes their partners, relevant stakeholders. Financial professionals, and legal advisors.

Understanding a Partners Resolution for Revision of Capital Contribution

Terminologies:

1. 'Partners Resolution' refers to a formal decision made by the partners of an LLP, documented as per the LLP Act, 2008.
2. ‘Capital Contribution’ is the monetary or non-monetary investment made by partners into the LLP

Procedure for Changing Partner Designation:

Partners' Meeting:

1. Convene a meeting to discuss capital contribution changes.
2. Draft the resolution with new capital structure.

Pass the Resolution:

1. Conduct a formal vote among partners.
2. Record the resolution in the LLP's official documents.

Amend LLP Agreement:

1. Draft the Amended LLP Agreement.
2. Ensure all partners review and approve changes.

File Required Forms:

1. Prepare necessary e-forms for filing with ROC.
2. Submit the form along with the amended agreement.

Update Records:

1. Maintain copies of the resolution and amended agreement.
2. Update internal financial records to reflect new capital structure.

Conclusion

This resolution template provides a structured approach for LLPs to modify their capital contribution, ensuring compliance with LLP Act, 2008 and maintaining clear documentation of partner decisions. It's crucial for partners to understand the implications of capital changes and ensure all legal requirements are met throughout the process.