Limited Liability Partnership (LLP) is a relatively new type of business entity in India that combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner’s misconduct or negligence. Therefore, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a company. For various reasons, there maybe a requirement for adding a new Partner to an existing Partnership.
To add a new Partner to an existing LLP, consent of all existing Partners is usually required. However, if the LLP agreement permits, one Partner can also have the powers to admit new Partners to the LLP without consent of all the existing Partners in the LLP. The new Partner wishing to join the LLP must give intimation of his/her intent to join the LLP in Form 6. Once, the person is admitted as a new Partner, the LLP has to file Form 4 within 30 days from the date he/she becomes Partner in the LLP. LLP Form 4 must be signed by an existing Designated Partner. Further, a certificate is required from a practicing Company Secretary or Chartered Accountant to the effect that the CS/CA has verified all the details of the Partner addition including the books and records of the LLP and found them to be correct.
In addition, to the above, a LLP agreement for adding Partner must be executed as an addendum to the existing LLP Agreement.
This Agreement is made and executed at (CITY) on this (Date) day of (MONTH, YEAR).
Whereas the Existing Partners are carrying on the business of (Describe LLP Business Activity) under the name and style of (LLP Name) LLP (Registration No. (LLP Registration)) (hereinafter referred as LLP) at (Registered Office) in terms of Limited Liability Partnership Agreement dated (Original LLP Agreement Date).
Now this Deed witnesseth as follows:
In witness whereof, the parties hereto have set and subscribed their hands, the day and year first hereinabove written.
Partners of a LLP are bound to carry on the business of the LLP to common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner.
Every Partner of a LP is required to indemnify the LLP for any losses caused to it by a fraud in the conduct of the business of the firm.
All Partners have right to take part in the conduct of the business of the LLP and access to inspect and copy the book of accounts of the LLP.
The authority of a Partner to bind the LLP, in case of an transaction carried on, in the usual way business is carried on by the LLP, binds the LLP.
All property, rights and interest in assets (tangible or intangible) acquired or developed with the money of the LLP are deemed to belong to the LLP.
All Inclusive Pricing - No Hidden Fee
all inclusive fees
Add a Partner having DSC and DIN to a LLP.
all inclusive fees
Add a Partner having DSC to the LLP. Fee inclusive of one DIN application.
all inclusive fees
Add a Partner to the LLP. Fee inclusive of one DSC and one DIN.
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