CHANGES IN LIMITED LIABILITY PARTNERSHIP
There is no maximum limit on number of partners and also no restriction on joining and leaving LLP.
Procedure for Adding a Designated Partner
- 3 Working Days
If the proposed designated partner does not have the Designated Partner Identification Number (DPIN), then the applicant should apply for one and If the partner already has a DPIN it can be used
- 4 Working Days
A resolution needs to be passed that approves the appointment of the designated partner form 4 needs to be filed for a change in a partner and form 3 for amendment in the LLP Agreement
CHANGES IN LIMITED LIABILITY PARTNERSHIP
# Add designated partner:
Every LLP must have two designated partner.to add that partner a resolution is passed . He need to have DPIN and has his name should be amended in the LLP.
# Adding a Designated Partner
The appointed partner can be changed or can be removed. These are very easy to apply and the compliances are lesser compared to other types of company registrations.
There is no maximum limit on number of partners and also no restriction on joining and leaving LLP. One can easily join or leave it. The ownership can also be transferred from one person to another easily.
Duties of a Designated Partner in LLP
When a designated partner in an LLP is added ,the partner should be aware of his/her duties and responsibilities to be followed while in the tenure of holding the partnership.
- The Designated Partner is authorized to attach his signature on the Statement of Account and Solvency, form - 8, it is a declaration
- The LLP must file annual returns with the Registrar within a specific period of 60 days from the date of closure of the financial year
- If there is any need, then the Designated Partner might file the returns of documents.
- The Designated Partner must support the authority with the necessary documents, information, signing any requirements , he can do it by extending his/her co-operation to the inspector on inquiry
- When an investigation conducted by an inspector takes place, then a Designated Partner is responsible to refund the expenses.
Checklist for Eligibility of a Designated Partner
- The individual must not be less than 18 years
- Any individual is eligible to be a partner in an LLP
- The individual who wishes to become a partner should have a unique identification number (For instance, Aadhaar Card or PAN)
- Every LLP must have at least two designated partners
- The person should be in a sound mind
- The person shouldn’t be involved in any misleading activities
- There is no maximum limit for the number of partners in a LLP
- At least one designated partner should be an Indian national who stays in India.
- The individual should not have faced bankruptcy in the last 5 years. In case if the partner has changed his/her name or address, then the they should inform the LLP of any modification that is made in his/her name or address It’s the LLP responsibility to file such details.
Procedure for Adding Designated Partners in LLP
- DIN and DSC have to be obtained and later processed for adding a designated partner.
- Through the partnership deed, the decision will take place in a meeting
- The new partner’s name will hence be added to the supplementary partnership deed
- Following the appointment, within 30 days, the new partner must file form-4 along with additional and original deed
- After this process, form-3 should be filed and processed along with the partnership deed in the next 30 days of the appointment
- Once these procedures are done, the new designated partner’s name will be added to the LLP and viewed in the MCA website.
Documents required to change an LLP agreement
Documents to be attached with Form 3
Documents to be attached with Form 4
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