When it comes to registering a Limited Liability Partnership (LLP), there are specific forms that need to be filled out and submitted. One of the essential forms is the LLP Agreement, which outlines the terms and conditions of the partnership between the designated partners.

LLP Agreement is a crucial document that defines the relationship between the partners, the roles and responsibilities of each partner, profit-sharing ratio, procedure for admitting new partners, and the process of dissolution of the partnership. It is a legally binding document that governs the LLP`s operations and protects the interests of all partners.

The LLP Agreement is filed with the Registrar of Companies (ROC) along with other necessary forms and documents during the registration process. The agreement must be signed by all partners, and each partner must receive a copy of the agreement.

The form number for the LLP Agreement is Form 3. This form contains specific fields that need to be filled out with accurate and relevant information. Some of the critical details that must be included in the LLP Agreement form are:

1. Name of the LLP

2. Description of the business activities

3. Registered office address

4. Name and address of the designated partners

5. Profit-sharing ratio

6. Duration of the LLP

7. Procedure for admission of new partners

8. Process of dissolution of the LLP

After all the necessary information has been filled out in the LLP Agreement form, it must be signed by all designated partners and notarized. The agreement must also be filed with the ROC within 30 days of its creation, or else the LLP may face penalties and fines.

In conclusion, LLP Agreement is a vital document that plays a crucial role in the functioning of a Limited Liability Partnership. It is an agreement that outlines the rights and responsibilities of all partners and ensures the smooth running of the LLP. The form number for the LLP Agreement is Form 3, and it must be filed with the ROC during the registration process. Accurate and detailed information must be provided in the form to avoid any legal consequences.