Change in Partners
According to Section 7 of the LLP Act, 2008, every LLP shall have at least 2 Designated Partners and one of them shall be a Resident in India. Any person who is appointed as Designated Partner must comply the Eligibility given under the LLP Act and Rules made thereunder. Such Designated Partners shall have Designated Partner Identification Number (DPIN).
According to Section 22 of Limited Liability Partnership Act, 2008 every person who has subscribed his name in the LLP Agreement as partner shall become the partner of the firm. After the Registration, it might be possible that the partner wants to leave the firm or the firm wants to admit any other person as new partner of the firm then the LLP can make such changes in partners by following a process prescribed for the same.
Apply Now For AssistanceChange in Partners @Rs. 2,000/-
EVENT
Change in Designated Partners
Form No.
Form 4
Time -Limit
within 30 days from the date of such admission or cessation
Whether to be filed before ROC or Not?
Yes
In case of Non-Compliance, every LLP and the designated partners shall be liable to pay fine which shall not be less than Rs. 2000 and which may extend up to Rs. 25000.
Frequently Asked Questions (FAQs)
Limited Liability Partnership is governed by LLP Act, 2008. LLP Act has prescribed certain compliances which an LLP is required to fulfill otherwise it shall be liable to pay penalty for not observing these compliances.
- Post Incorporation LLP Compliances
- Mandatory Annual LLP Compliances
- Event-Based LLP Compliances
LLP Act has prescribed certain compliances which are to be fulfilled on the happening of certain events. These compliances are called as Event-Based LLP Compliances.
List of Event-Based LLP Compliances
Events |
Form |
Due-Date |
Consent of Designated Partner and Particulars of Partners |
Form 4 |
30 days from the date of such change |
Registration of Charges |
Form 8 |
30 days from the end of 6 months of the financial year |
Change in Registered Office of LLP |
Form 15 |
30 days from the date of such change |
Change in Name |
Form 5 |
30 days from the date of such change |
Change in LLP Agreement |
Form 3 |
30 days from the date of such change |
Change in Designated Partners |
Form 4 |
30 days from the date of such change |