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Add a Designed Partner in Your LLP
Adding a Designated Partner in LLP
A designated partner in a Limited Liability Partnership (LLP) is a partner who is responsible for the overall management and control of the LLP. They have greater legal responsibilities than other partners and are responsible for ensuring that the LLP complies with all legal and regulatory requirements.
When adding a new designated partner to a Limited Liability Partnership (LLP), it is important to carefully consider the individual’s qualifications and suitability for the role. Designated partners have greater legal responsibilities than other partners and are responsible for the overall management and control of the LLP. They are required to have a unique Director Identification Number (DIN) and a Digital Signature Certificate (DSC), and are responsible for filing annual returns and reports with the Ministry of Corporate Affairs (MCA) and maintaining proper accounting and financial records.
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A Designated Partner in LLP
A designated partner in a Limited Liability Partnership (LLP) is responsible for the overall management and control of the LLP and has greater legal responsibilities than other partners. They are required to have a unique Director Identification Number (DIN) and a Digital Signature Certificate (DSC) and must file annual returns and reports with the Ministry of Corporate Affairs (MCA) and maintain proper accounting and financial records. In the event that the LLP is sued or faces legal action, designated partners may be held personally liable for the actions of the LLP. It is important to choose designated partners who are trustworthy, competent, and capable of fulfilling their legal responsibilities.
Eligibility Criteria For Designated Partner in LLP
o be eligible to serve as a designated partner in a Limited Liability Partnership (LLP) in India, an individual must meet certain requirements. They must be at least 18 years old and must not be an undischarged insolvent or have been convicted of an offense under the Companies Act. They must also have a unique Director Identification Number (DIN) and a Digital Signature Certificate (DSC). It is important to choose designated partners who are trustworthy, competent, and capable of fulfilling their legal responsibilities.
Steps to Add a Designed Partner in LLP
To add a designated partner to your Limited Liability Partnership (LLP) in India, you will need to follow these steps:
1. Obtain the consent of the existing partners. This can be done through a resolution passed at a meeting of the partners or by obtaining written consent from all the partners.
2. File an application to add a designated partner with the Ministry of Corporate Affairs (MCA). You will need to submit the following documents along with the application:
– A copy of the resolution approving the addition of the designated partner
– A copy of the articles of association of the LLP
– An affidavit from the existing partners stating that the LLP is not carrying on any business and does not have any outstanding liabilities
– The consent of the proposed designated partner
3. The MCA will review the application and may ask for additional information or documents. Once the application is approved, the MCA will issue a certificate of incorporation with the new designated partner.
4. After the new designated partner is approved, you will need to update the LLP’s official documents, such as its registration certificate, to reflect the change. You will also need to inform any regulatory agencies, such as the Securities and Exchange Board of India, about the change.
It is important to note that there may be fees associated with adding a designated partner to an LLP in India. You should also be aware that certain individuals may not be approved as designated partners, so it is important to choose a qualified and suitable candidate.