Change in Business Activity of LLP

Expand your business to new heights by changing the objects in LLP

Complete guide to Change in Object clause of an LLP

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What is change in main Object of LLP?

Change is the main objects means to change the existing main business activities of the LLP due to any reasons. Main business activities mean those business activities which a LLP want to do after its incorporation. LLP can do business activities which are mentioned in its LLP agreement and other ancillary activities in supporting with the main activities of the LLP.

Why we need to change the main business activities?

If the partners want to change the business completely.
In case of partners want to add a new product line in an LLP. Kindly note an LLP can carry on only similar business activities. Hence, if the new product line is not related to an existing business then a new LLP has to be incorporated.
If an LLP take over a firm which is carrying on different business activities.
In case the government authorities orders as a result of change in prevailing law.
Whenever such business activity is prohibited under any law.

Permissible Business Activity for a LLP?

As stated at the beginning, LLP can do any business activity that is legal in India. The permissible activities which require no prior approval include trading, manufacturing, service provider, professional services, etc.However, there are activities that are only allowed after obtaining a prior approval from authorities. These activities include finance, investment, insurance, stock exchange, merchant banker, banking, chit fund, NBFC, etc.

How to Change objects in LLP?

The LLP agreement contains a clause regarding LLP activity and procedures to be followed for changing the object. Based on the partners understanding, the supplementary agreement is prepared and requisite e-Form filed with respective Registrar of Companies to changes the object of LLP.

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Documents Required For Change in Business Activity of LLP

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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KEY ASPECTS

PURPOSE

When the Partners aspires to carry on business in larger scale to achieve higher goals, merge multiple business to get scale of operation, to take up additional areas or if it plans to sale a section of business. Object of the LLP may require modification to achieve these goals

BUSINESS BENEFITS

Clear object clause gives clarity to all investor to know the actual operation of the LLP. Hence it is essential to explain in clear terms the what are the object they are going to participate. It must not be too vague and too general and too wide for in that case it will defeat its very purpose and object.

REGULATORY FRAMEWORK.

Section 11(2)(c) of the LLP Act, 2008 talks about the LLP activity, which is, in fact matter covered in the LLP incorporation document i.e., LLP Agreement.

ACTIVITY WHICH NEED APPROVAL.

Business activities consisting of banking, insurance, venture capital, mutual fund, stock exchange and asset management are allowed provided that in-principal approval from regulatory authorities is obtained.

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Frequently asked questions

How can I change the objects of the LLP?

Objects can be change by executing the supplementary agreement/deed and file the E-form LLP-3

What are the documents required for change in objects of the LLP?

Supplementary deed/Agreement shall be executed in any change in the objects of the LLP.

What are the specific activities which need prior approval?

Business activities consisting of banking, insurance, venture capital, mutual fund, stock exchange and asset management are allowed provided that in-principle approval from regulatory authorities is obtained. Please note that as per RBI guidelines, LLPs are not permitted to undertake NBFI activities.

In how many days the Form 3 LLP should be filed with MCA ..?

The Form 3 of LLP must be filed within 30 days of execution of Supplementary LLP Agreement.

Is additional stamp duty is required to be paid with on Supplementary Agreement?

The stamp duty has to be paid on supplementary agreement and the amount of stamp duty will differ from state to state.

When LLP can start working over their amended business activities?

The amended activities can be commenced only after getting an approval form ROC.

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