ADDITION OF PARTNER IN LLP
There are two types of Partners in a LLP viz.: Designated Partner and Partner. Partners are responsible for the carrying on the business of the LLP and Designated Partners are responsible for ROC Compliances and Bank signing authorities. For addition of a Partner in the LLP, person proposing to become a Partner must obtain Director Identification Number (DIN) and Digital Signature Certificate (DSC). Any person whether Indian Nationals or Non-Resident Indians or Foreign Nationals can obtain DIN to be appointed as Partner in LLP.
LEGALRAJ will assist in appointment of a partner in your company. The average time taken to file for appointment of Partner is about 10-15 working days, subject to government processing time and client document submission.
Duties and Rights of a LLP Partner
1. General Duties: Partners of a LLP are bound to carry on the business of the LLP to the common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the LLP to any partner.
2. Rights of Partners: All Partners have right to take part in the conduct of the business of the LLP and access to inspect and copy the book of accounts of the LLP.
3. Duty to Indemnify: Every Partner of a LLP is required to indemnify the LLP for any losses caused to it by fraud in the conduct of the business of the firm.
4. Implied Authority: The authority of a Partner to bind the LLP, in case of any transaction carried on, as in the usual way business is carried on by the LLP, binds the LLP.
5. Properties of LLP: All property, rights and interest in assets (tangible or intangible) acquired or developed with the money of the LLP belong to the LLP.
How we help with add partner to LLP
1. Consultation: We will review your LLP Agreement to determine the course of action for addition of Partners or Designated Partner in the LLP. As per complexities involved, we will assist you with the procedure for addition of Partners or Designated Partner and matters related thereto.
2. Partners’ Resolutions: Then we will provide timelines, documents and do the compliances for you.
3. Filing: We will timely file applicable returns, documents and other formalities with the Ministry of Corporate Affairs to effectuate addition of Partners or Designated Partner.