Change of Partners of LLP
- Execution of Supplementary Deed
- Filing within 30 days of change
- Simple & Secure Online Process
- Dedicated Professional
- Expert CS Advice
- Get the Partners Change in 7-10 days
Introduction
Welcome to Tax and Services, your go-to online hub for legal expertise, resources, and professional support. Today, we delve into a crucial aspect of business restructuring within the legal framework – the process of changing partners in a Limited Liability Partnership (LLP). Our platform is dedicated to providing you with comprehensive guidance on this important legal transition.
At Tax and Services, we recognize that business dynamics often necessitate changes in the composition of an LLP. Whether prompted by strategic shifts, new partnerships, or changes in ownership, altering the partners in an LLP involves navigating legal processes and ensuring compliance with regulatory requirements.
Need of Change in Partners of LLP
Infusion of Additional Capital or Expertise
Generally, a partner is appointed either for his/her expertise or need of capital.
Inability of the existing Partner
In certain cases the existing partner of the Limited Liability Partnership may not be able to contribute full time after a certain period due to retirement or any other reasons.
Change in terms of Partnership
Sometimes the changes in the Agreement might affect the willingness of one or other partner.
Number of the Designated Partner falls below the statutory limits
As per the Limited Liability Partnership Act, 2008 every LLP shall have a minimum 2 Designated Partners all the time.
Documents Required for Change in Partner
Appointment of Designated Partner
- Passport size photograph of the partner;
- Self-attested copy of PAN Card of partner
- Self-attested copy of Proof of Identity (Driving License/Voter ID Card/Passport) of the Partner;
- Digital Signature Certificate;
Resignation of Partner
- LLP Agreement
- Resignation Letter (Format will be provided by us)
- Digital Signature Certificate (DSC)
More Insights on Change in Partners of LLP
- If the Designated Partner already have a DIN then a new DPIN is not required
- An individual willing to become a designated partner in any limited liability partnership shall give his consent to act as designated partner to the limited liability partnership in such form and manner as may be prescribed.
- A foreign national can also be appointed as partner or Designated Partner in the Limited Liability Partnership.
- A former partner of a LLP shall not have any right to interfere in the management of the limited liability partnership after his removal.
- The appointment and resignation of designated partner in the LLP shall be effectuated by filing LLP Form 3 and 4 whereby the supplemental agreement will be drafted for adding or removing and partner and the profit and capital contribution shall be reconsidered.
Process of Addition or Removal of Partner
1. Complete the Application Form
2. Document Processing
3. Application of DSC
4. Preparation and e-form Filing the same with ROC
5. Approval from the Ministry of Corporate Affairs
Process
- 1. Complete the Application Form
- 2. Document Processing
- 3. Drafting of Notice and Agenda of the Meeting
- 4. Holding of Board Meeting
- 5. Holding of EOGM
- 6. Advertisement in Newspaper
- 7. Application to RD
- 8. Filing of Forms with ROC
- 9. Get a New Certificate of Incorporation