LIMITED LIABILITY PARTNERSHIP INCORPORATION AND KEY POINTS:

Limited Liability Partnership (LLP) Act came into force for most part, on 31st March, 2009 followed by its Rules on 1st April, 2009.

It is hybrid form which incorporates benefits of both partnership and companies. It has the following features:

  1. Separate legal entity in the eyes of Law.
  2. Cost of incorporation is very less.
  3. Small Entrepreneurs can opt for LLP.

ADMISSION, CESSATION AND CHANGE IN DESIGNATED PARTNERS.

An individual can be admitted to become a partner to the LLP with the consent of other partners of the LLP and in accordance with the provisions of (section 25) of Limited Liability Partnership Act, 2008.

In the same manner in case, of Cessation of Partner and Change in Designated Partners take place.

Filing of Supplement LLP Agreement:

For Admission Partner, Cessation and Change in Designation of Partner Form 3 is required to be filed.

The rights and obligations of the admitted partner shall be determined vide agreement entered into the LLP and its other partners.

Form 3.

Attachments:

Original LLP Agreement

Supplement LLP Agreement. (Admission, Cessation and Change in Designation of Partner)

This form shall be filed within 30 days of the admission of the new partner. 

Form 4.

In case of Admission of Partner Consent to act as Partners is required to be attached.

In case, of Cessation of Partner Evidence of Cessation is required to be attached.

In case, of Change in Designation of Partners Letter of Change in Designation should be attached.

This form shall be filed within 30 days of the admission of the new partner.

Please refer all the relevant section, rules, notifications, amendments as applicable. The Author is not responsible for any losses incurred.

Content is merely for sharing knowledge. For any queries, Author can be reached at kinnarimakwana11@gmail.com or 9773763430

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