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Appointment of Designated Partner/ Partner
Every LLP must have at least two Designated Partners who are natural persons and at least one of them shall be resident in India. The change in partners and their details can be done by passing a resolution by LLP and only after getting the approval from the Ministry of Corporate Affairs by filing relevant forms. The LLP deed specifies who are to be Designated Partners and the responsibility of doing all acts, things and matters as are required under the LLP Act vests with the Designated Partners and they are concerned with the overall administration of LLP.
There is no maximum limit on a number of partners. There is also no restriction on joining and leaving an LLP. One can easily join or leave it. The ownership can also be transferred from one person to another without much difficulty.
ComplianceIndia can help you understand how to register and maintain Appointment of Designated Partner/ Partner quickly and hassle-free
Prerequisites of appointment of Designated Partner/ Partner in LLP
Following are the requirements which needs to be fulfilled by the person who wants to appoint as a Designated Partner.
– The person must attain the age of 18 years.
– The person must have a unique identification number
– The person should be in a sound mind and the person shouldn’t be involved in fraudulence.
– At least one designated partner must be an Indian national who resides in India.
– The Person should not have adjudged bankruptcy in the last 5 years.
– The other Designated Partners must also provide a consent letter stating their proof and other documents.
– Any individual or body corporate can be eligible to be a partner in an LLP.
Reasons for appointment of Designated Partner/ Partner in LLP
- A partner can be appointed for need of capital. With increase in capital, the borrowing power of the firm increases with loan opportunities.
- A partner can be appointed for an expertise, admission of a partner benefit in leverages the skills and knowledge. The diversity of knowledge and goodwill base helps the business to grow far.
- Every LLP requires maintaining minimum 2 Designated Partners all time. If due to the resignation of a designated partner from LLP, the total designated partners reduce below 2, the LLP must appoint a new designated Partner or change the position (status) of the existing another partner.
- It is Agreement between the partners, the terms can be changed mutually at any time.
What is a minimum number of Partner?
- Designated Partners: Minimum 2 Designated Partners all time
- Other Partners: There is no specified limit of Partners, LLP may run without other types of partner
How we Work?
Documents Required for Appointing a Designated Partner/ Partner in LLP
Our charges for filing of Appointment of Designated Partner/ Partner starts from Rs. 1,999/-.
Frequently Asked Questions
1. Whether the LLP Agreement is to be updated to add or remove Partner in the LLP?
Yes, the LLP agreement must be modified with terms of addition or removal by execution of the supplementary deed. All the details including the change of capital and change in terms and profit sharing ratio will be provided in the deed.
2. What are the requirements for becoming a Designated Partner?
Every Limited Liability Partnership shall have at least two Designated Partners who are individuals and at least one of them shall be a resident in India. Requirement of Digital Certificate and Designated Partner Identification Number is also a mandatory requirement.
3. What is the Minimum & Maximum number of Designated Partners required under a LLP?
A LLP must have at least two Designated Partners and there is no limit to maximum number of Designated Partners.
4. What are the forms that a designated partner will have to fill at the time of addition?
The designated partner will have to fill Form 3 and Form 4 and submit it with the authorities to get added in the designated partners’ list of an LLP in India.
5. Can a foreigner be made a designated LLP partner?
Yes, a foreign national can be made a designated partner in an LLP in India. He will, however, have to furnish his passport in addition to the documents required by Indian designated partners. In case his passport is in any foreign language other than English, he will have to get it apostilled and notarised and then submit it.
6. Whether Stamp Duty is required to be paid on Supplementary Deed?
The stamp duty shall be paid according to the added capital in the LLP as per the rate prescribed by the respective state. Where there is the addition of capital while addition or removal, the Supplementary Agreement shall be executed by payment of Rs. 100/- as stamp duty.
7. Do I need to apply for another DIN, if I have already procured one?
DIN is a unique number assigned by MCA to Individuals that allows one to become Director of the company or Designated Partner of any LLP. The DIN is permanently allotted and can be used for subsequent appointment in another company/LLP.
8. Is it mandatory for Partner Designated Partner to contribute capital?
While addition, one may contribute the amount agreed by and between all the Partners including the present, in any form whether tangible or intangible. However, it is not mandatory to bring capital to the LLP.