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CHANGE IN PARTNERS

There may be many times when you would want to change a partner due to some reason or the other (reasons have been mentioned below), but the Company always has to continue to exist. If a partner has to be changed then there are subsequent pROCedures that have to be adopted for the same. 

 

Any person, who has subscribed to the “Incorporation Document” during the time of incorporation of the LLP, they are considered to be the partners of LLP. There are certain conditions and requirements which have to be fulfilled in order to become a partner and once you complete those requirements you are good to go.

 

Reasons to change a partner

 

The following are the reasons why a partner of an LLP can be changed.

Either of Admission or Removal or Resignation or the Retirement of partners

If there is any change of responsibilities of Partner(s)

If any partner fails to match the expected outcome of as mentioned in the Agreement or by the Partners

If there is a change of agreement amonGST the partners and firm

If there is a change of the designation of Partner(s)

 

Who can become a partner in an LLP

 

These are the list of people who are eligible to become a partner of an LLP:

Any person until they are disqualified

A foreign national can also be appointed as a Partner.

 

Documents Required

 

The following are the documents which are required from the new partners:

  1. DIN or Director of Identification Number
  2. PAN or Permanent Account Number
  3. Name and proof of the person appointed
  4. FORM 6 which is the consent to act as a partner
  5. Documents of the other partnership or directorship if any

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FAQ - Frequently asked questions

How can a person become a partner of an LLP?

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP in India, shall be partners of LLP. Subsequent to LLP incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement


Who can become a partner during forming LLP?

These are the list of people who are eligible to become a partner while forming LLP in India: 1. Any person until they are disqualified 2. A foreign national can also be appointed as a Partner.


What will be the obligation of a partner in case he changes his name or address?

Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change in Form 4.


What happens if a partner wants to leave the partnership?

In a general partnership, when a partner decides to leave, the partnership is dissolved. Dissolving a partnership requires partners to equally split the debts and assets of the partnership.


Can a partner sell or transfer all of his or her partnership rights to someone else? 

A partner can only sell or transfer his or her economic interest in the partnership--i.e., the right to profits, losses and distributions