REMOVE A PARTNER (LLP)
Assure you are fully complied for change in LLP partners.
How to Start Add or Remove a Partner (LLP)
It is the partner who run a Limited Liability Partnership firm. From its management to the operation, the partners helps the LLP towards their goals and vision. New partners are added or the existing one leave. It mainly does not affect the status of the LLP, but it will definitely impacts the growth of the business as well as responsibilities of other partners. Only after the approval from the Ministry of Corporate Affairs the change in partners and their details can be affected. The consent of other partners must be obtained to add or remove a partner from LLP, It is followed by a change in the Agreement of LLP and application to MCA approve the changes. The application to MCA must be filed within 30 days of effective date of the change.
WHY IS THE CHANGE OF PARTNERS REQUIRED?
Expertise with additional Capital: A partner is either appointed for the need of the expertise or capital. With capital increase, the borrowing power of the firm increases with the opportunities of loan. Admission of a partner not only benefits the capital form but it also enhances the knowledge and skill. The knowledge diversity and goodwill base helps the business to grow far
Inability of the existing Partner: After a certain period of time the existing partner of the LLP may not be able to contribute his full time, due to retirement or various other reasons. Although the existence of LLP may not be affected by the exit of one partner, it must be dealt with intimation to MCA and also the appointment of new partner, if required.
Change in terms of Partnership: There is an agreement between the partners, the terms can be changed mutually at any time. There might be an impact on the willingness of one or other partner
Number of Designated Partners: There is a minimum requirement of 2 Designated partners all time to maintain every LLP. If there is reduction of partner below 2 due to resignation of a designated partner from LLP, the LLP must appoint a new designated Partner or the existing Partner position (status) must be changed by appointing a new designate Partner.
WHAT ARE THE MANDATORY DOCUMENTS REQUIRED FOR ADDITION OR REMOVAL OF DIRECTOR?
The documents that are required for addition or removal of partner are mentioned below:
WHAT ARE THE MINIMUM NUMBER OF PARTNERS?
Minimum 2 designated partners
LLP may run without other types of partner
Change Partners in 3 Easy Steps:
- Answer quick questions
Pick a Package that best fits your requirements
Spare less than 10 minutes to fill in our Questionnaires
Provide basic details & documents required for change
Make payment through secured payment gateways
- Experts are Here to help
Assigned Relationship Manager
Supplementary agreement for a change of partners
Preparation of other necessary documents
Preparation and filling of Application
Updated MCA master data with modified details
- Partner is Added or Removed
All it takes is 7-10 working days
*Subject to Government processing time
WHAT IS THE PROCESS FOR ADDITION OR REMOVAL OF PARTNERS?
- Consultancy for the requirement of change of partners
- Collection of basic information & documents
- Application for DSC(for partner to be appointed)
- Drafting of necessary Resolutions and Documents
- Drafting of Supplementary Agreement
- Provide documents required provided after signature
- Payment of stamp duty on the supplementary agreement
- Preparation of online application
- Filling of application for change