ADD OR REMOVE A PARTNER OR DESIGNATED PARTNER (LLP)

Legal Terminus can help you with addition or removal of Partner or Designated Partner from LLP in a hassle-free manner within a reasonable time span and competitive professional fee which starts from Rs. 2999/-

Starts at ₹ 5000

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FAQ

Frequently asked questions about add or remove a partner or designated partner (LLP)

Post LLP’s incorporation, for multiple reasons, it may become essential to add or remove a partner or a designated partner in the LLP. For instance, the introduction of new investors, amendment in existing terms of Partners, resignation and/ or retirement of a Partner, etc.. Certain relevant queries in connection with the same have been dealt below.

1. Who can become a partner or Designated partner in LLP?

Designated Partner Only an individual can be a designated partner in an LLP Partner Any person including individual, Body Corporate, Company, LLP, Partnership firm can become a partner in an LLP

2. Why adding or removing a Partner or a Designated Partner in an LLP may be required?

There could be various reasons for the same. For instance:
- Appointing people with right skill set;
- Infusion of fresh contribution/ investor;
- Change in existing understanding/ terms of the Partners;
- Resignation of existing Partner or Designated Partner;
- Incapability of existing designated partner to take charge; etc.
The removal may be voluntarily (i.e., at the Partner’s own volition) or through vacation by other Partners.

3. What is the procedure to add a Partner or Designated Partner in a LLP?

Creation/ generation of a Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) of the proposed Partner or Designated Partner.
Obtaining written consent of existing Partner or Designated Partner
Passing Resolution for admission of Partner or Designated Partner
Preparation and Execution of supplementary LLP Agreement
Preparation and filing E-form 3 for change in LLP Agreement
Preparation and filing E-form 4 for addition of new Partner or Designated Partner

4. What is the procedure to remove a Partner or Designated Partner in an LLP?

Obtain written resignation letter from the retiring Partner or Designated Partner
Passing of Resolution of retirement/removal of Partner or Designated Partner
Preparation and Execution of supplementary LLP Agreement
Preparation and filing E-form 3 for change in LLP Agreement
Preparation and filing E-form 4 for retirement/removal of new Partner or Designated Partner

5. What is the expected time frame to effect such addition or removal?

The process of addition or removal of Partner or Designated Partner takes around 1 week, subject to submission of correct information and complete documentation.

6. How Legal Terminus can help you with addition or removal of Partner or Designated Partner in a LLP?

Legal Terminus can help you with addition or removal of Partner or Designated Partner in a hassle-free manner within a reasonable time span and competitive professional fees. To know more, please book a telephonic appointment with one of our consultants free of charge.

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