Any individual who is qualified to become a partner under the LLP Act, 2008 can be accepted as a partner in an LLP under the terms of the LLP agreement. An LLP-based firm concept requires a minimum of two designated partners. The number of partners has no effect on the LLP's threshold limit.
Limited Liability Partnerships (LLP): Eligibility for a Partners
- DIN, which is a unique identification number, is a necessity for all applicants.
- Partnership share in the LLP
- A minimum of one designated partner must be an Indian national.
- The designated partners must provide the consent letter.
- The minimum age requirement for becoming a partner in an LLP is 18 years.
Those Who Are Unable to Act as a Partner in an LLP
- Individuals who have been flagged as payment defaulters by creditors such as private lenders
- Individuals with a long history of fraudulent behavior are not eligible to participate as Designated partners in llp.
- Individuals who are not over 18 years of age
- Additionally, in the LLP-based firm concept, only people have the opportunity to become a partners. An limited liability partnerships cannot have private organizations, businesses, or other active companies as designated partners.
What Is the Procedure to Add a Partner in an LLP?
- Following the DSC, the Director Identification Number must be applied in the form DIR – 3 together with the applicant’s address and identity proof
- Once the DIN is assigned to the partner, all of the LLP’s current partners will convene and pass a resolution to add a designated partner to the partnership deed
- A supplementary partnership agreement will be drafted, with the new designated partner’s name appended
- The new design partner’s approval will then be obtained in writing
- Following the furnishing of these documents, Form – 4 of Limited Liability Partnerships must be filed within 30 days of the appointment.
- Within 30 days of appointment, FORM – 3 will be filed, along with the supplementary and original partnership deed.
- Following the submission of all of these forms, the name of the designated partner will be added and displayed on the Ministry of Corporate Affairs website.
- If Forms 3 and 4 are not filed within 30 days, there is an additional fee of ₹ 100/- performed.
Appointing a designated partner is a rather tedious process, which requires the assistance of professional legal experts. In order to avoid the hassle of undertaking this task yourself while you have a business to run, the best option for you would be to outsource this important modification to your Limited Liability Partnerships into the capable hands of the Vakilsearch team.
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