Add or Remove Partner in LLP

Add or Remove a Partner

₹ 2,490


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Add or Remove a Partner in LLP

There may be the requirement in your Business to add a new partner or  there might be the cases where a partner is going outside. The Partner must have a Designated Partner Identification Number and his/her name must feature in the LLP agreement. We at TaxRodo help you to easily perform all the procedures:

  DPIN for new Partner
       We at TaxRodo provide expert assistance for getting the DPIN for the new Partner.

  Resolution Draft Drafting
      Our team will prepare all the Documents required for Addition or Removal of Partner. 

Note down the Required Documents

✍PAN & Aadhaar of new Partner.
✍ Proof of Identity like Passport, Aadhaar, Driving License etc.
✍ Proof of Address like Aadhaar, Bank Statement, Credit Card Statement etc.

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Know about Addition or Removal of Partner

Partners in LLP are responsible for the carrying on the business of the LLP. At least two individuals who are partners shall act as designated partners. These partners must have a Designated Partner Identification Number and their names must feature in the LLP agreement. To add a Partner to an LLP, the person proposing to become a Partner must obtain a digital signature certificate (DSC) and director identification number (DIN). DIN can be obtained for any person who is above the age of 18. The nationality or residency status of the DIN applicant does not matters.

Hence, Indian Nationals, Non-Resident Indians, and Foreign Nationals can obtain DIN and be appointed as Partner of an LLP in India.To appoint a director, the person proposing to become a Director must obtain a digital signature certificate (DSC) and director identification number (DIN). DIN can be obtained for any person who is above the age of 18. The nationality or residency status of the DIN applicant does not matters. Hence, Indian Nationals, Non-Resident Indians, and Foreign Nationals can obtain DIN and be appointed as Director of a company in India.

FAQ’s

1. Whether there would be any requirement of ‘identification number’ of Designated Partner?

Every Designated Partner would be required to obtain a “Designated Partner’s Identification Number” (DPIN) on the lines similar to “Director’s Identification Number” (DIN) required in case of directors of companies.

2. How can a person become partner of an LLP?

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.

3. How can an existing partner cease to be a partner of an LLP?

A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. Notice is required to be given to ROC when a person becomes or ceases to be partner or for any change in partners.

4. Does the LLP Agreement is to be updated to add or remove Partner in the LLP?

The LLP Agreement shall be amended by way of entering into a Supplementary 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 Supplementary deed shall be filed with the MCA within 30 days of the date of execution.

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. 

6. Do I need to apply for another DIN, if I have already procured one?

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.

7. What are the rights and liabilities of the new Partner(s) in the Limited Liability Partnership?

The rights and liabilities of the new partner(s) will be governed by the LLP Agreement and Supplementary Deed of the LLP. Where there are no specific rights/liabilities are prescribed or altered in the Supplementary Deed, the rights and liabilities will be same as prescribed in the original LLP Agreement.

8. Can I resign myself from the Limited Liability Partnership in which I am a Partner?

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.