Add Partner to LLP Company
Add Partners In LLP
At least two people are needed as designated partner in an llp company registration. However, there is no restriction on the maximum number of partners. Every partner has limited liability, which denotes they are not accountable for any liability by the LLP; their liability is restricted to the unpaid amount of their assets contribution.
For a general partnership firm, there are 50 partners, but in an LLP, there is no bound. In a limited liability partnership firm, there is no constraint in including the partners or designated partners. They can be included anytime during the functioning duration of the business.
No meeting can be held without the permission of current partners, and if the partners agree to include any partner, then that person's details must be added to the LLP agreement. The limited liability partnership firm can add or withdraw any partner from the LLP during its business tenure.
There are two kinds of partners in LLP - designated and usual partners. A designated partner conducts every function that is mandatory for the business. His role is similar to a director in the firm. He participates in everyday activities and performs every process necessary for the business. A designated partner has DSC and DIN prior to his appointment, but for a partner's appointment, it is optional to have DSC and DIN preceding the appointment.
Procedure to add a new Partner to a LLP
Step 1 - Current Partner’s Approval
You need to get the approval to Add partner to LLP from the current partners in the LLP meeting, and the approval must be in the resolution form. The partners should agree to Add Partner to Limited Liability Partnership.
Step 2 - Sanctioning Designated Partner
To comply with each requirement to Add Partner in Limited Liability Partnership, a designated partner will be sanctioned to sign the forms, implement the deed, and follow every step for this appointment.
Step 3 - Approval From New Partner
Consent should be taken in written form from the designated partner who will be appointed in the LLP.
Step 4 - Completion Of Supplementary LLP Agreement
After taking approval from the projected partner and current partner, a supplementary LLP agreement must be implemented, and the specifications of the new partner will be stated in the LLP agreement. The same will be attested on 100 INR stamp paper.
The LLP agreement will be attested on the state stamp paper, and the worth of the stamp paper is decided according to the registered office's location and the partner's wealth contribution.
Step 5 - Delivery Of Form-3 & Form-4
After the LLP supplementary agreement is implemented, it must be delivered to the ROC in form-3 and the specifications of the admission of a novel partner must be given in form-4.
Form-3 must be delivered with the form-4 with the approval letter of the projected partner, supplementary agreement, and a resolution copy with the required fees.
Step 6 - Consent From ROC
Suppose the registrar is content with the application for the change of the limited liability partnership firm agreement and the inclusion of the partner. In that case, he will provide his approval, and after giving the endorsement, he will get the update in the MCA database.
What are the rights and duties to Add Partner to Limited Liability Partnership?
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Common Duties
LLP partners need to continue the business of the LLP by being honest to each other and giving the proper accounts and information about everything impacting the LLP to the partner.
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Partner Rights
Every partner has the right to participate in the LLP business and get access to examine and replicate the LLP accounts book.
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Duty to repay
Each partner of a limited liability partnership must repay the LLP for any loss due to a scam in the company's business.
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Indirect Jurisdiction
The jurisdiction of a partner to join the LLP for any business deal in a general manner unites the LLP.
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LLP properties
Every right, property, and asset gained with the wealth of the LLP fits with the LLP.
Who cannot be chosen as a designated partner in a limited liability partnership?
- Partnership firms, companies, LLPs and other organizations
- Age less than eighteen years
- A broke person
- A person of unsound /reckless mind
- A person who has committed an offence and punished to imprisonment for at least six months.
Documents To Add a new Partner to a LLP
- Altered And Notarized Llp Agreement In Which The Details Of A New Partner Is Mentioned
- Consent Letter Of The Proposed Partner
- Dpin And Dsc If The Partner Is Appointed As A Designated Partner.
- Digital Signature Of Authorizing Designated Partner
- Copy Of Resolution Passed In The Meeting In Which The Partners Provided Their Consent For The Appointment Of The New Partner
FAQ's
Few doubts important to be resolved quickly
1. Who can be chosen as a designated partner in LLP?
2. Is it possible for a company to become a partner in a limited liability partnership?
3. What is the maximum limit of partner or designated partner in a limited liability partnership?
4. Is changing the LLP agreement for the partner appointment is necessary?
5. What is the worth of stamp paper to Add partner to LLP Registration?
6. Who is the owner of limited liability partnership registration?
7. What is the disparity between a designated partner and a partner?
8. How much time does it take to Add Partner to Limited Liability Partnership?
9. Will you get any proof to Add Partner to LLP Registration?
Add Partners In LLP
GOLD
- Single Partner Appointment
- Appointment in 2 days
- 1 DSC
- 1 DIN/ DPIN
- Ammended LLP Deed
PLATINUM
- 2 Director Appointment
- Appointment in 2 days
- 2 DSCs
- 2 DINs
- Ammended LLP Deed
DIAMOND
- Appointment in 3 Days
- DSCs
- DINs
- Ammended LLP Deed
- More than 2 Partners ₹ 1500 each
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