Changes In Limited Liability Partnership
Designated Partner in LLP - Overview
A Limited Liability Partnership (LLP) must have at least two designated partners, listed in the LLP agreement and holding a Designated Partner Identification Number (DPIN). Partners can be added or removed as needed. Compared to other company structures, LLPs offer a simpler registration process with fewer compliance requirements.
Change in LLP Agreement - Overview
The LLP agreement governs the operations and responsibilities of partners. It can be modified anytime after registration with mutual consent. Common changes include amendments to activities, capital, or partner roles. Modifications require a supplementary agreement, stamp duty payment, and must be reported to the ROC within 30 days.
Closing an LLP - Overview
To close an LLP, a resolution must be filed with the Registrar of Companies within 30 days of its approval. Within 15 days, a statement of assets and liabilities, attested by at least two partners, must be submitted. A valuation report of company assets is also required. Additionally, the majority of partners must declare that the LLP has no outstanding debts or can settle them within a year from the winding-up date.