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.
The following are the documents which are required from the new partners:
- DIN or Director of Identification Number
- PAN or Permanent Account Number
- Name and proof of the person appointed
- FORM 6 which is the consent to act as a partner
- Documents of the other partnership or directorship if any