Limited Liability Partnership firm forms under a mutual agreement between the partners and the terms can be changed or modified time to time with the requisite of business situations, expansion plan, entering into new agreements with other companies or individuals, etc. The change in terms may not be accepted by one or other partner and he/she may decide to exit from the entity. In such cases also partners need to intimate the same with Ministry of Corporate Affairs and the LLP can appoint a new partner if necessary.