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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 The designated partner may be withdrawn or modified.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.
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:
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.
MGT-14: This e-form, along with the following documents, is to be filed with Roc (Registrar of Companies) on the Ministry of Corporate Affairs portal.
After MGT-14 is approved, the INC-24 e-form is filed with the Roc on the Ministry of Corporate Affairs Portal within 30 days, along with the following documents.
A designated partner is a partner responsible for managing the business and ensuring compliance with legal obligations. They must be a resident of India.
To add a designated partner, you must pass a resolution and file the necessary forms with the Registrar of Companies (RoC), along with required documents.
Required documents include the Designated Partner's consent, identity proof, address proof, and a copy of the partnership deed, if applicable.
The process typically takes about 10-15 business days, depending on the RoC's processing time and the completeness of your application.
Yes, the partnership agreement may need to be updated to reflect the new designated partner's details and responsibilities.