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Change of Partners of LLP

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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

Resignation of Partner

More Insights on Change in Partners of LLP

Process of Addition or Removal of Partner

1. Complete the Application Form

You are requested to first fill the simple questionnaire provided by our expert team.
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Step 01

2. Document Processing

At the second step we will be requiring the documents in accordance with the questionnaire filled by you so that we can arrange them as per the requirement and for processing.
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Step 02

3. Application of DSC

First of all DSC (Digital Signature Certificate consisting of the E-signatures) is required to be prepared. This step can be ignored if prepared already. It will approximately take 1-2 days.
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Step 03

4. Preparation and e-form Filing the same with ROC

After arranging the documents we will begin with the filing of an e-form for the change in the Partner of Limited Liability Partnership along with the requisite documents on the Portal of Ministry
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Step 04

5. Approval from the Ministry of Corporate Affairs

Lastly, after the approval of an e-form is received from the ROC which will be provided through e-mail which signifies that the respective changes have been made in change of the Partners of the Limited Liability Partnership
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Step 05

Process

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