Each Limited Liability Partnership must have at least two Designated Partners who are natural persons and at least one of them shall be resident in India. The Limited Liability Partnership deed determines who are to be Designated Partners and the responsibility of doing all acts, things, and matters, as are required under the Limited Liability Partnership Act vests with the Designated Partners and them, are concerned with the overall administration of LLP. A Designated Partner can be added or removed by passing a resolution by Limited Liability Partnership and filing relevant forms with the Registrar of Companies.
There is no maximum limit on the number of partners. There is also no restriction on joining and leaving an LLP. One can easily join or leave it. The ownership can also be transferred from one person to another without much difficulty.
• Equal Partners
• Husband and wife LLP Partners
• Differential Rights LLP Partners
• Differential Rights and differential powers LLP Partners
While adding a designated partner in an LLP, the partner should be aware of his/her duties and responsibilities to be followed while in the period of holding the partnership.
• The Designated Partner of the LLP is authorized to attach his signature on the Statement of Account and Solvency, form – 8, which is a declaration.
• The LLP must file annual returns with the Registrar within a specified period of 60 days from the date of closure of the financial year. If this isn’t implemented, every Designated Partner will be imposed with a fine exceeding Rs 10,000.
• If there is any need, then the Designated Partner may file the returns of documents.
• The Designated Partner must support the authority with the necessary documents, information, signing any requirements, etc. by extending his/her co-operation to the inspector on inquiry or inspection.
• When an investigation conducted by an inspector takes place, then a Designated Partner is responsible to reimburse the expenses.
In case if the partner has changed his/her name or address, then the partner shall inform the LLP of any modification made in his/her name or address within a period of 15 days of such revision. It’s the LLP firm’s responsibility to file such details with the Registrar within 30 days of such a change in Form 4.
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
What are the requirements for becoming a Designated Partner?
Every Limited Liability Partnership shall have at least two Designated Partners who are individuals and at least one of them shall be a resident in India. The requirement of Digital Certificate and Designated Partner Identification Number is also a mandatory requirement.
What is the Minimum & Maximum number of Designated Partners required under an LLP?
An LLP must have at least two Designated Partners and there is no limit to the maximum number of Designated Partners.
What is the difference between a Partner and Designated Partner?
Any Partner may become a Designated Partner by and in accordance with the LLP agreement. Manner of appointment of both regular partner and Designated Partner are similar. The procedure of appointment of Partners and Designated Partner includes the change in LLP Agreement and filing of e-forms to MCA.
What will be the obligation of a Partner in case he changes his name or address?
Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change in Form 4.
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