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6 Reasons for getting a new LLP partner

Expertise in investing additional capital
The inability of the existing partner to provide expected results
Change in the terms of the LLP
Not enough partners as per the statutory limit
Resignation or retirement of an existing partner
Need for expertise in a certain fiel

Changing partners made easy!

Here’s everything you need to know:

The following are the requirements of a newly appointed LLP partner:

  • At least 18 years old
  • ID Proof
  • Shouldn’t be involved in fraudulence
  • Should receive a consent letter and proof from other designated partners
  • Should not have declared bankruptcy in the last 5 years
  • Digital Signature Certificate
  • Director Identification Number
  • Passport (for non-residents)
  • Supplementary deed for new partner
  • Original LLP deed
  • Form 3 and Form 4

Step 1: Get identity proof

To add a designated partner, DIN and DSC must be acquired and processed.

Step 2: Organise a meeting and draft a deed

The decision to add a designated partner will be made in a meeting in accordance with the partnership deed. The supplementary partnership deed will be amended to include the new partner's name.

Step 3: File Form-4

The new partner is required to submit Form-4 within 30 days of being appointed. This form must be submitted by the LLP along with the original and additional deed.

Step 4: File Form-3

Within 30 days of the appointment, form-3 must be completed, filed, and processed along with the partnership deed.

Step 5: Update the database of the MCA

The name of the new designated partner will be added to the LLP and can be seen on the MCA (Ministry of Corporate Affairs) website once all the procedures have been completed.

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