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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?
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Documents Required for Appointing a Designated Partner/ Partner in LLP
Our Charges
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.
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