Governed by the Limited Liability Partnership Act, 2008, LLP is one of the most popular forms of registering a legal entity due to lesser compliances and ease of registration. Every LLP shall have at least two designated partners who are individuals (with the provision for a partner addition later on), and at least one of them shall be resident in India. Provided that if all the partners of the LLP are a body corporate or if one or more partners are individuals or body corporate, then at least two individuals who are partners or nominees of such body corporate must act as a designated partner.
The LLP has the power as well as provision to change the number of partners or designated partners. Form 3 LLP for amending the agreement for adding a new partner and Form 4 LLP for the appointment is required to be filed within 30 days of amending the limited liability partnership agreement. If the Forms are not filed within 30 days, an additional fine of Rs 100 per day is levied. You can change the partners in your LLP seamlessly by using our comprehensive and affordable plans.
Addition of partners introduces additional contribution to the firm. Adding new partners could be the necessity for your business and can bring in additional resources both in terms of finance and knowledge.
The partners take decisions on behalf of the LLP and are appointed with the motive to bring in innovative ideas for development.
You may have a falling out with one of your partners, or some of your partners would like to move on to better opportunities, removing such partners could be the best decision for your business.
Arrange and provide list of documents as per the checklist shared.
Preparation of attachments for filing the form and amendment of LLP agreement.
Form 3 LLP and Form 4 LLP for the appointment of Partner and amendment of the agreement thereof.
Issue letter of appointment
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An individual or Body corporate who becomes a partner in the LLP by virtue of the agreement.
No, Company cannot become a Partner in LLP
There is no such limit prescribed in the LLP Act for appointment.
For Designated Partner DIN is a mandatory requirement to become a Partner but for other partners its not a mandatory requirement and PAN no can be used.
Form 4 LLP is required to be filed within 30 days of appointment with Form 3 LLP for amendment in agreement.