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
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Introduction
A Limited Liability Partnership (LLP) is managed by its partners who look after its operations as well as directs the LLP towards accomplishment of its goals and vision. The status of the Limited Liability Partnership is not affected by the addition or exit of a partner; but impacts the growth of the business and responsibilities of other partners. The change in the details of partners can be changed only after the approval from the Ministry of Corporate Affairs.
In order to add or remove a partner from Limited Liability Partnership, the consent of other partners is required to be obtained, and the respective changes should be made in the LLP Agreement. The application to the Ministry of Corporate Affairs is to be filed within 30 days from the effective date of the change.
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Need of Change in Partners of LLP
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
FAQ's On Change In Partners Of LLP
Yes, the Limited Liability Partnership Agreement is required to be modified in accordance with the terms of addition or removal by execution of a supplementary deed. All the details requiring the changes in capital and also in the terms along with the profit sharing ratio will be provided in the deed.
The difference is of responsibility as the responsibility of a Partner is only for the acts and omissions done by himself or within his knowledge whereas the Designated Partner are responsible towards the compliances and other operational matters of the LLP.
The stamp duty is required to be paid in accordance to the added capital in the LLP and as per the rate stated by the respective state.
Though it is not mandatory to bring capital in the Limited Liability Partnership but in addition one may contribute in accordance with the decision taken by all the Partners.
The Supplementary Deed shall be filed to MCA within 30 days from the effective date of change or from the date of execution (whichever is earlier). The delay in filing of the supplementary deed shall levy an additional fee of Rs 100 per day till the date of actual filing.
The Limited Liability Partnership is required to appoint a new partner within 6 months from the effective date.
No it is a one-time task so a case of more than one DIN/DPIN doesn’t apply.
The rights and duties of new Partner shall be guided by the Limited Liability Partnership Agreement and the supplementary deed executed.