ADDING OR REMOVING PARTNER FROM LLP SERVICES

Adding or removing partner from LLP services provided at K M Gatecha & Co LLP:

• Advise or guidance regarding the procedure of adding or removing partner from LLP,
• Collection of Documents,
• Filling and filing of various forms which are mandatory and required,
• Payment of fees,
• Follow-up,
• Completion of adding or removing partner from LLP.

Who can be added as a partner in LLP?

• An individual unless disqualified,
• A company which has been incorporated under The Companies Act, 1956 or 2013,
• An LLP incorporated under LLP Act, 2008,
• An LLP or company incorporated outside India.

List of Documents Required for adding partner in LLP:

• PAN card of new partner,
• Address proof of new partner,
• Passport size photo,
• Email-id and contact number.

Supplementary Documents as and when required:

• Notice of resignations or removal,
• Resolution passed at the meeting of partners,
• Original LLP agreement,
• Supplementary LLP agreement with the changes.

Procedure for adding or removing partner from LLP:

• Passing of resolution for adding new partner to LLP:
  • Execute resolution on letter head of LLP,
  • Signature of existing partners and authorized partners,
  • Details about the subject matter,
  • Affixation of stamp of LLP.
• Execute amendment to LLP agreement,
  • Should contain the terms and conditions for admission of partner,
  • Previous LLP agreement should be amended through supplementary agreement,
  • If there is no change in capital contribution, then agreement will be on INR 100/- Stamp paper. (In case of change in capital contribution of LLP, bond value applicable as per Stamp Act Provisions),
  • Signature of existing partner and new partner on supplementary agreement.
• File application for approval of change Form 4 and Form 3:
  • Attachments for Form 4:
    • Consent to act as a partner,
    • Consent letter of new partner,
    • Other optional attachments.
  • Attachments of Form 3:
    • Existing LLP agreement,
    • New supplementary LLP agreement,
    • Optional attachment if any.
  • Payment of fees and filing of form,
  • Submission for change in partner.

So, in an LLP any change in partners whether it be addition of partner or removal, the above procedure must be followed while informing the requisite authorities of the change before it gets implemented.

As this procedure can be a complex one and possibilities of errors are numerous at various steps of the procedure, we at K M Gatecha & Co LLP take utmost care to execute the procedure without any errors in the procedure and the team of experts makes sure that the procedure is completed within efficient time frames.