Change in Partners of Limited Liability Partnership (LLP)
Change in Partners of Limited Liability Partnership (LLP) takes place in the form of addition /removal of designated partners.
Limited Liability Partnership governs by its Limited Liability Partnership Agreement. In case the Agreement is silent about the change in management then it follows the provisions of LLP Act, 2008. Any person eligible to become a partner as per the provisions of LLP Act, 2008 can be admitted as a partner in LLP as per the provisions of the LLP agreement. The incoming partner has to see that he is not disqualified to become a partner as per the provisions of LLP Act; 2008. Any individual might cease to be a partner in accordance with the agreement or in the absence of agreement, by providing 30 days’ notice to the other partners.
Addition or removal of Partners require change in Limited Liability Partnership Agreement. The change can be in form of an annexure and same need to signed by all partners and to be stamped with Rs. 100 stamp paper.
The LLP need to file LLP Form 4 with ROC within 30 days for change in Designated Partners, where the consent of new partner, the revised agreement and resignation of partner being removed need to be filed.
The above will change the Designated partners in MCA Database.
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