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Overview of Add Designated Partner
A Limited Liability Partnership (LLP) shall have at least two partners who shall serve as designated partners. These partners must be included by name in the LLP partner agreement and have a Designated Partner Identification Number. The designated partner may be withdrawn or modified. Compared to other forms of company registration, these require fewer compliances and are simpler to apply for.
The number of partners has no upper limit. There are no limitations on entering or leaving an LLP either. It is simple to enter or exit. Additionally, transferring ownership from one person to another is not too complicated.
Checklist for Designated Partner Eligibility
If a person wants to register as a designated partner with an LLP, they must meet certain qualifications. Let's look at some of the fundamental prerequisites for being a designated partner in an LLP:
- An adult of at least 18 years old is required.
- Any person or corporation is qualified to join as a partner in an LLP.
- The person who wants to pair up needs to have a special identification number (For instance, Aadhaar Card)
- A minimum of two chosen partners are required for every LLP.
- The subject ought to be of sound mind.
- Fraudulence should not be committed by the individual.
- The number of partners in a limited liability partnership is not capped at a certain number.
- An Indian national who resides in India must be at least one of the authorised partners.
- The approval letter from the other Designated Partners must also include all of their supporting documentation and verification.
- The person shouldn't have been declared bankrupt during the previous five years.
- A person who has not properly completed payment settlements with any creditors in the last five years and has not also reached an agreement with them over the matter.
If a partner has changed his or her name or residence, the partner must notify the limited liability partnership (LLP) within 15 days of the change. Within 30 days of such a modification to the Form 4, it is the LLP firm's duty to provide such information to the Registrar.
Required documents for the Designated Partner
Although copyright protection is not required, it is always advisable to obtain it because it will grant the owner a set of minimal rights over his work and the security that no one will be able to replicate it for a minimal amount of time. The owner will always be motivated to work more and produce more goods by this happiness.
Documents Needed to Register Copyright
- Application's PAN Card
- Application Aadhaar Card
- Applicants' photo
- Applicant’s email id
- Phone number
- Apply for a DIN Number: Following the DSC, the Director Identification Number will be requested on Form DIR-3 together with documentation of the applicant's identification and address
- Once the chosen partner has received their DIN, all of the current LLP partners will convene a meeting to approve adding the designated partner to the partnership agreement.
- The name of the new partner will be included in a supplement to the partnership deed that is being created.
- The new partner's written consent will then be obtained.
- Within 30 days of the appointment, Form - 4 of LLP will be filed following the preparation of these documents.
- Within 30 days of appointment, FORM-3 will be filed after this one, along with the original and supplementary partnership deed.
- The selected partner's name will be added to all of these documents upon filing and will be visible on the Ministry of Corporate Affairs website.
- There is an additional cost of Rs. 100 per day on each form if Forms 3 and 4 are filed within 30 days.
FAQ
What varieties of LLP Partners are there?
There are different kinds of LLP Partners. The following categories of partners are some of the most typical:
- Fair partners (1:1)
- Partners of Differential Rights LLP
- LLP for husband and wife
- Partners at Differential Rights and Differential Powers LLP
Is it possible to designate a foreigner as an LLP partner? If so, what further conditions must be met?
Yes, an LLP in India may name a foreign national as a partner. However, in addition to the paperwork needed by Indian designated partners, he will also be asked to present his passport. He will need to get his passport notarized and apostilled if it is written in a language other than English before submitting it.
Which documents must a selected partner complete at the time of addition?
To be included on the list of designated partners for an LLP in India, the designated partner must fill out DIR Forms 3 and 4 and submit them to the appropriate authorities.
How many partners can an LLP add?
For an LLP, there is no upper restriction on the number of partners. A partner may join the LLP at any time and may quit the LLP at any time. However, for an LLP to operate, there must be a minimum of two partners.
How many days must pass before the partners submit Form 3 to the Registrar?
Within 30 days of revising the LLP Agreement, the designated partners must submit Form 3 to the Registrar.