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Frequently Asked Questions
For the purpose of change in Partner of the Limited Liability Partnership, the criteria of minimum 2 Designated Partner shall be complied with. Further, for addition or removal of Partner, the LLP Agreement shall be modified with requisite details by entering into a Supplement Deed to the LLP Agreement.
The changes in the partners of the LLP including the details of any designation or details shall be submitted to MCA along with the Supplementary Deed to LLP Agreement within 30 days from the date of changes.
The LLP Agreement shall be amended by way of entering into a Supplement Deed. The LLP Agreement shall provide the details of changes including the additional capital introduced, new profit sharing ratio and any other insertion or deletion of clauses in the original LLP Agreement. The Supplement deed shall be filed with the MCA within 30 days of the date of execution.
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 no capital is added in the LLP while addition or removal of Partner, the Supplementary Agreement shall be executed by payment of Rs 100/- as stamp duty.
The LLP Act provides for minimum of Two Partners in the LLP. Where the number of partners is reduces below two, the only partner shall take necessary actions to appoint a Partner in the LLP within 6 months from the date of removal/resignation/death. Where the appointment is not made within 6 months, the remaining Partner shall be liable personally for the obligations of the limited liability partnership incurred during that period.
There are no limitations in terms of citizenship or residency to be a Partner. Therefore, the LLP Act, 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one Designated Partner is resident of India. However, the person should be 18 or above i.e. not a minor and competent to enter into contract. Also, the proposed Designated Partner shall have DIN (as explained above).
For addition of Partner in the LLP, the consent of the proposed Partner shall be accorded in the prescribed Form. Where the person is to be added as a Designated Partner, in addition to above, he/she shall procure a Digital Signature Certificate (DSC) and make an application for the allotment of Director Identification Number (DIN).
DIN (Director Identification Number) is a unique number assigned by the Ministry of Corporate Affairs to Individuals on application made, which allows any individual to be Director in any Company or Designated Partner in LLP. The DIN is permanently allotted and can be used for subsequent appointment in another company/LLP.
While addition of Partner in the LLP, the Partner/Designated Partner may contribute the amount agreed by and between all the Partners including present, in any form whether tangible or intangible. However, it is not mandatory to bring capital in the LLP.
The rights and liabilities of the new partner(s) will be governed by the LLP Agreement and Supplement Deed of the LLP. Where there are no specific rights/liabilities are prescribed or altered in the Supplement Deed, the rights and liabilities will be same as prescribed in the original LLP Agreement.
In order to resign from the LLP, the Partner shall intimate about the intention to resign to the LLP and remaining partner. At least 30 days’ notice is required to be served by the resigning Partner for the stated purpose.
Once, the partner has served the notice of resignation to the partners and LLP, the supplement agreement in this regards shall be entered into by all the partners including exiting Partner. The supplement deed shall be submitted with the Ministry within 30 days from the effective date of removal of the Partner from LLP.
The rights and liability of the exiting Partner will be as prescribed in the original LLP Agreement. Furthermore, the rights and restrictions can be specifically mentioned in the Supplement Agreement. Any capital to be reimbursed to the exiting partner shall be specifically mentioned in the Supplement Deed with the mode of payment.
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The changes in the Partners take place due to various requirements including the need of capital and expertise. Considering the requirement of the Limited Liability Partnership from time to time, the Partners shall consider the change of Partners and their designation. LegalWiz.in is a leading online service provider. Experts at LW can help you carry on the change of Partners in Limited Liability Partnership at affordable prices with no hassle and quick turnaround time. The procedure of adding a Partner to an LLP and removal of Partner from LLP require certain provisions to be complied with as provided under Limited Liability Partnership Act, 2008. At LegalWiz.in, we cater to customers who are looking for better, faster and affordable online services for change of Partners in LLP. We guarantee highest quality standard backed by 100% customer satisfaction. Our team of expert Chartered Accountants, Company Secretaries and a network of qualified professionals take care of the procedure for LLP Incorporation and carrying changes in Partners and business of Limited Liability Partnership as per Limited Liability Partnership Act, 2008. To effect the change of Partners in Limited Liability Partnership, all you need is to spare only 15 minutes to provide details of your LLP and Partners concerned with specific requirements. All you need to do is answer few simple questions and share documents related to your Limited Liability Partnership and Partners and rest will be taken care by the experienced team of LegalWiz.in. Experts on Subject matter are available on call or via email to answer your queries. LegalWiz.in provides full spectrum of services related to Change in Business Objectives, Annual Compliance of LLP & Private Limited Company, GST Registration and Return filings, Tax Registration and filings, Accounting and Bookkeeping Services, Trademark Registration, Copyright Registration, Personalized Legal Document Drafting and more. We offer services through an online model and a network of trusted affiliates across all major cities in India including Mumbai, Delhi, Ahmedabad, Surat, Pune, Bangalore, Hyderabad, Vadodara, Kolkata, Chennai, Noida, Gurgaon and others.