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Change of Partner in LLP

Change of Partner in LLP

  • Overview
  • Documents Required / Details of the product
  • Process

The change in partners of LLP may arise due to the appointment or removal of partners. To effect the change in partners of the LLP, the written consent of all the partners is necessary. The change of partner shall also affect the contribution/capital ratio thereby altering the profit and loss sharing ratio of the partners in the LLP. The LLP Act and the rules framed thereunder prescribe a precise procedure to be adopted by the LLP and their partners while bringing in any change in the partners of the LLP. The process of change begins with obtaining the written consent from all the partners for the change, drafting of new LLP agreement with the changes in the relevant clause of the agreement. As this is a change of substantial nature, hence we advise replacing the old LLP agreement entirely with a new agreement having a sunset clause. After the amendment of the LLP agreement, the same need to be reported to the ROC in Form No-3 and the particulars of new partners shall be filed in Form -4 along with their consent to become a partner of the LLP.

Changes in LLP

As the LLP is a creation of Law, the changes in it can only be done by the procedures established under law. Apart from the LLP Act, 2008, and the rules framed thereunder, the primary document which guides and prescribes the method of bringing in a particular change into LLP is its agreement. Needless to mention that the LLP agreement to be enforceable, must be executed on non-judicial stamp paper of appropriate value as per the relevant state government rates. The LLP Act further prescribes that the agreement must be registered with the ROC within 30 days of its creation or changes. Below is a discussion on some of the most common changes which an LLP may have to make.

  1. General Changes regarding the Agreement
  2. Change in the name of the LLP
  3. Change in Object of the LLP
  4. Change of registered office of LLP within the jurisdiction of ROC.
  5. Change of registered office from the jurisdiction one ROC to others.
  6. Change of registered office from one state to another state.
  7. Introduction of New Partner in LLP
  8. Resignation or Removal of a Partner of LLP
  9. Transmission of Rights of LLP in the case of Death of Partner.
  10. Sale of LLP to completely new set of person
  11. Change in the profit and loss sharing ratio of the LLP

 

Change in Partners of LLP

  1. Original Share Certificate of share to be transferred
  2. List of Documents for Change of LLP Name
  3. Current Certificate of Incorporation
  4. LLP Agreement in word format
  5. List of Designated Partner & Partners
  6. Proposed Name(s) in order of preference.
  7. Digital Signature of the authorised DP
  8. Letterheads (approx 10) and rubber stamp of Partner

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Change of Partner in LLP Registration

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Change of Partner in LLP in just 10 Days

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