Template Description

This partners resolution template authorizes the revision of the remuneration clause in an LLP Agreement. It is 2-page MS Word document. This resolution is essential for LLPs modifying partner’s remuneration terms. The intended audience includes LLP partners and legal professionals.

Understanding a Partners Resolution for Revision of Remuneration clause

Terminologies:

1. 'Partners Resolution' refers to a formal decision made by the partners of an LLP, documented as per the LLP Act, 2008.
2. ‘Remuneration’ is total compensation Partner or Designated Partner receives for their work, including both financial and non-financial components

Procedure for Changing Partner Designation:

Partners' Meeting:

• Convene a meeting to discuss remuneration changes.
• Draft the resolution with new remuneration terms.

Pass the Resolution:

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

Amend LLP Agreement:

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

File Required Forms:

• Prepare LLP Form 3 for filing with ROC.
• Submit the form along with the amended agreement.

Update Records:

• Maintain copies of the resolution and amended agreement.
• Update internal financial records to reflect new remuneration structure.

Conclusion

This resolution template provides a structured approach for LLPs to modify partner  remuneration, ensuring compliance with LLP Act, 2008 and maintaining clear documentation of partner decisions [1]. It's crucial for partners to understand the implications of remuneration changes and ensure all legal requirements are met throughout the process.