TMI BlogDesignated Partner of an LLP: An overviewX X X X Extracts X X X X X X X X Extracts X X X X ..... Designated Partner of an LLP: An overview - By: - Ishita Ramani - Corporate Laws / IBC / SEBI - Dated:- 2-5-2023 - - Introduction The LLP Agreement mandates that any gap in the designation of partners must be filled within 30 days of its formation. In the absence of a designated partner or in the case of a single partner, every member of the LLP is considered a partner. Failure to appoint a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorized partners may result in legal consequences for the LLP and its partners. Who is a Designated Patner? In a Limited Liability Partnership (LLP), the partners can appoint one or more individuals as designated partners. These individuals have the same rights and obligations as any other partner in the LLP. They are responsible for managing the affairs of the LLP and ensuring compliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with applicable laws and regulations. The LLP agreement outlines the roles and responsibilities of designated partners, such as maintaining books of accounts, filing necessary forms and documents with the Registrar of Companies, and ensuring timely payment of taxes and other dues. Designated partners are also required to sign and file the LLP agreement and other legal documents on behalf of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LLP. They are held liable for any breach of the LLP agreement or any unlawful activity carried out by the LLP. Documents required to add a designated partner in an LLP Certified copies of your Pan Card, Identification and housing documentation Digital signature (if available), applicant s email address, and phone number Passport size photograph of the applicant LLP Agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Educational background and information about the capital investment to the LLP If the applicant is from a foreign nation, a copy of their passport must be attached with-: Proof of identity: Passport Aadhar Card Voter ID Driving License (DL)/Registration Certificate (RC) Electricity Bill (Not older than 3 Months) Water Bill (Not older than three months) How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to add Designated Patner? To add a designated partner to an LLP, follow these steps: Step 1: Seek the partner's permission. Step 2: Apply for a Digital Signature Certificate (DSC). Step 3: Obtain a Designated Partner Identification Number (DPIN) using capital letters for the first letter of each word. Step 4: Prepare a supplementary deed containing the new partner's name. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Step 5: Submit Form 4 (Notice), along with the consent letter, within 30 days of the appointment. Step 6: Submit Form 3 (Notice), which includes information on the LLP agreement and any revisions, along with the original and supplementary deeds as attachments within 30 days of the appointment. Rights and duties of Designated Partner in an LLP As per Section 83 of the LLP Act, 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Designated Partners hold the responsibility of adhering to the legal requirements and paying any corresponding fines. The Designated Partners of an LLP have a legal obligation to execute specific documentation, such as reports and taxes, as stated in the LLP Agreement. The partnership agreement defines the individual who is responsible for following the directives of any supplementary laws ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or regulations. The Designated Partners of an LLP are entirely accountable for complying with the LLP Act, 2021 and any resulting fines. The senior partner and Designated Partner organizations may not necessarily be same individual, despite the LLP Agreement allowing the selection of a portfolio manager in addition to the Designated Partners. The managing partner is responsible for ensuri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that all legal obligations are fulfilled. Conclusion The designated partner holds the responsibility for executing all acts, matters, and affairs required by the LLP and is accountable for any penalties imposed on the LLP for any infringement of such requirements. Similar responsibilities are carried by the directors and company secretaries of Limited Liability Companies, and the auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orized members of LLP. These individuals possess the same rights and obligations as any other member, but they also hold additional managerial responsibilities and legal obligations pertaining to the LLP. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
