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Resignation / Removal of Designated Partner/Partner
If the LLP agreement doesn’t have any restrictions, a Designated Partner in a LLP can resign from a LLP by providing notice of resignation in writing to the other partners in the LLP. On the other hand, a Designated Partner can also be removed by the majority of other partners if the LLP Agreements gives such powers. The removal or resignation of a Partner must be properly recorded and the relevant filings must be filed with the Ministry of Corporate Affairs to effect the Partner removal or resignation.
ComplianceIndia can help you understand how to register and maintain Resignation/ Removal of Designated Partner/ Partner quickly and hassle-free
Reasons of resignation/removal of Designated Partner/ Partner in LLP
A Partner in a LLP may cease to be a partner of a LLP in accordance with the LLP agreement between the Partners. In following circumstances, a LLP Partner would automatically cease to be a Partner in the LLP
– On death of the Partner
– On dissolution of the LLP
– If the Partner is declared to be of unsound mind
– If the Partner is adjusted as an insolvent or declared as insolvent.
A Partner in a LLP cannot be removed by a majority of the other Partner unless the LLP agreement expressly provides such powers.
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 resignation/removal of Designated Partner/ Partner in LLP
Our charges for filing of Resignation / Removal of Designated Partner/Partner starts from Rs. 1,999/-.
Frequently Asked Questions
1. Do you want to intimate changes among designated partners’ or partners’ or change in any particulars of designated partners’ or partners’ of a LLP?
A company can intimate changes among designated partners’ or partners’ or change in any particulars of designated partners’ or partners’ of a LLP by filing Form 4 (Notice of appointment, cessation, change in name/ address/designation of a designated partner or partner and consent to become a partner/ designated partner) with Registrar.
2. 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.
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 removal of Designated partner / Partner ?
The designated partner will have to fill Form 4 and submit it with the authorities to remove his name from the designated partners’ list of an LLP in India.
5. 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.
6. 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.