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Change LLP Partners
Get your LLP’s partners changed today
Free Consultation
An LLP’s partners may come and go, but the LLP will survive. A change of partners, on the other hand, necessitates adherence to the LLP agreement’s processes. Partner changes in an LLP can occur as a result of a partner’s death, resignation, or transfer of rights, among other things. FirstFiling has partnered with Change LLP.
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Change LLP Partners – Admission, Resignation or Death
If any of the following situations occur, the LLP’s partners may change:
- Admission of New Partner without transfer or without transfer of partnership rights
- Resignation of a partner
- Death of a Partner
- Removal of Partner
Admission of a New Partner
The LLP may allow new partners by diluting their profit rights or by transferring some of the partners’ rights to new partners. For example, if A and B are partners in an LLP with 50 percent ownership, and C is admitted with 20 percent ownership, the new ratio will be 40 percent, 40 percent, and 20 percent. Otherwise, if B transfers 20% of these rights to C, the new ratios will be 50%, 30%, and 20%, respectively. The documentation in both cases is different.
Resignation of a Partner
Removal of a Partner
- An LLP’s partners have the power to dismiss another partner, subject to the terms of the LLP agreement if one is in place.
- To accomplish the adjustments in all four circumstances, regulatory compliance and filing with the ROC are required.
Death of a Partner
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Procedure to Change LLP Partners
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Check Partner change situation
Our experts will examine your partner change situation to determine which procedures must be followed in order to carry out effective compliance.
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LLP Agreement
Examine the current LLP agreement to determine the best course of action for implementing partner changes.
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Partner Meeting
Invite partners to a meeting to approve documents such as the partner admission agreement, the transfer of partnership rights agreement, and the amended LLP Agreement.
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Filing of Changes with Registrar of Companies
The corresponding paperwork must be filed with the ROC after getting executed documents from partners.
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Requirements to Change LLP Partners
General Requirements
- Existing LLP Agreement: Since LLP is governed by LLP agreement, present LLP agreement need detailed study to identify steps involved for partners change.
- New Partner as Designated Partner: If New partner is admitted as Designated Partner, then DIN number to be obtained by filing necessary documents.
- Amendment of Documents: Admission of new partner or resignation amount to amendment to LLP agreement.
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PAN copy self-attested
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Address Proof self-attested
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Digital Signature Application
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Pricing
(All Inclusive)
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- (All Inclusive Govt. Fees)
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