A Limited Liability Partnership is managed and operated by it partners who direct the LLP towards its goals and vision. Adding of new partners of leaving of existing partner won’t affect the status of LLP, but surely impacts the growth of the business and responsibilities of other partners. The change in partners must be approved from Ministry of Corporate Affairs to be in practice. Consent from newly coming partner or existing leaving partner in case of joining or leaving respectively have to be obtained, followed by change in LLP agreement and apply with MCA for approval of changes. Within 30 days of the change, application to Ministry of Corporate Affairs should have to file.
A partner in Limited Liability Partnership normally appointed either for capital or for expertise. With appointment of a new partner the firm will get additional capital which increases the borrowing power of the firm which increases the opportunities for an easy approval of loan. Admitting a new partner not only brings up capital but also leverages the skills and knowledge. Added skills and knowledge can also do wonders bringing up the business to new heights.Show Less
If an existing partner of LLP may not be able to contribute on his parts of assigned roles due to retirement or any other reason, he/she may exit from his role at LLP. The exit of a designated partner won’t affect the existence of LLP but the same must be intimated to Ministry of Corporate Affairs and the LLP can appoint a new partner if requires.Show Less
Limited Liability Partnership firm forms under a mutual agreement between the partners and the terms can be changed or modified time to time with the requisite of business situations, expansion plan, entering into new agreements with other companies or individuals, etc. The change in terms may not be accepted by one or other partner and he/she may decide to exit from the entity. In such cases also partners need to intimate the same with Ministry of Corporate Affairs and the LLP can appoint a new partner if necessary.Show Less
A Limited Liability Partnership needed to maintain minimum of 2 designated partners all the time. If due to any reasons such as resignation of partners, if the total number of designated partners reduced below 2, the Limited Liability Partnership must have to appoint a new designated partner.Show Less
Self attested PAN card of the partner to be removed/appointed
Passport size photograph of the partner to be removed/appointed
Aadhaar Card/Passport/Voter ID/Driving License of the partner to be appointed/removed
DSC of the continuing partner and the partner to be removed
LLP agreement executed while registration.
Step 01
Step 02
Step 03
Sharing of updated MCA master data with modified details
All it takes 8 – 10 working days*
*Subjected to Government Processing Time
