Easily Resign from LLP

Partners in a LLP are responsible for the carrying on the business of the LLP. A Partner in a LLP can resign or be removed for various reasons. IndiaFilings offers an easy process for effecting resignation of partner from Rs.3899/-

Easily Resign from LLP

From Rs.3899 /- all inclusive fees
EMI: Rs.348 for 12 months*

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Resignation of Partner

Partners in a LLP are responsible for the carrying on the business of the LLP. A Partner in a LLP can resign or be removed for various reasons. Resignation or removal of Partner from a LLP must be notified to the Registrar of Companies.

Partner in a LLP can resign from a LLP by providing notice of resignation in writing not less than 30 days to the other Partners in the LLP. In some cases like death of a Partner, dissolution of the LLP or insolvency of Partner, the Partner would automatically cease to be a Partner. A Partner in a LLP can also be removed by a majority of the other Partners in the LLP, if the LLP agreement expressly provides such powers.

IndiaFilings is the leading business services platform in India, offering a variety of services like LLP registration, trademark filing, GST registration, income tax filing and more. IndiaFilings can help you effect resignation of Partner of a LLP. The average time taken to file for resignation of Partner is about 10 - 15 working days, subject to government processing time and client document submission. Get a free consultation on procedure for resignation of Partner by scheduling an appointment with an IndiaFilings Advisor.

Duties and Rights of a LLP Partner

General Duties

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.

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Duty to Indemnify

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.

Rights of Partner

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.

Implied Authority

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.

Properties of 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.

Identity and Address Proof

Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.

Registered Office Proof

All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

Documents Required for Proprietorship Registration
How many people are required to start a Proprietorship?
Only one person is required to start a Proprietorship and a Proprietorship can have only one promoter.
What are the requirements to be a Proprietor?
The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
What are the documents required to start a Proprietorship?
PAN Card for the Proprietor along with identity and address proof is sufficient to start a Proprietorship and obtain other registration, as applicable or required.
What is the capital required to start a Proprietorship?
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
How will IndiaFilings help me start a Proprietorship?
An IndiaFilings Associate will understand your business requirements and help you start a Proprietorship by obtaining the relevant registrations. IndiaFilings will help obtain the necessary registrations to help the Proprietor open a bank account in the name of the business, thereby proving an identity for the business.
How to open a bank account for a Proprietorship?
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor provide two forms of registration for the Proprietorship along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, shop & establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
Will my Proprietorship firm have a separate legal identity?
No, the Proprietorship firm and the Proprietor are one and the same. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business.Therefore, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship business and the Proprietor will also be one and the same.
Will my Proprietorship firm have a Certificate or Registration?
Proprietorship firms do not have a Certificate of Incorporation or Certificate of Registration. The identity and legitimacy of a Proprietorship firm is established by registering with the relevant or applicable Government authorities.
How to register the name of a Proprietorship?
There is no registry or regulation for the registering the name of a Proprietorship. Therefore, proprietorship firms can adopt any name that do not infringe on registered trademarks. Since there are no registry or regulation for registering the name of a Proprietorship, the only way to ensure exclusive use of the business name is to obtain a trademark registration of the business name.
How can I transfer my Proprietorship?
A business operated by proprietorship firm cannot be transferred to another person, unlike a Limited Liability Partnership or a Private Limited Company. Only the assets in the Proprietorship can be transferred to another person through sale. Intangible assets like Government approvals, registrations, etc., cannot be transferred to another person.
Can other people invest in a Proprietorship?
Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors.
What are the annual compliance requirements for a Proprietorship?
Proprietorship will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filign may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
Is audit required for a Proprietorship?
It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
Can I later convert my Proprietorship into a Company or LLP?
Yes, there are procedures for converting your Proprietorship business into a Company or a LLP at a later date. However, the procedures to convert a proprietorship business into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Proprietorship.
SIMPLE & TRANSPARENT PRICING

Basic

Rs.3899/-
all inclusive fees
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Resignation of a Partner from LLP with resigning Partners consent. Inclusive of government fee and GST.

From Rs.3899 /- all inclusive fees
EMI: Rs.348 for 12 months*

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From Rs.7899 /- all inclusive fees
EMI: Rs.705 for 12 months*

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Premium

Rs.9899/-
all inclusive fees
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Removal of Partner and appointment of Partner with DSC and DIN for new Partner. Inclusive of government fee and GST.

From Rs.9899 /- all inclusive fees
EMI: Rs.884 for 12 months*

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How we help with resignation of partner

IndiaFilings can help you effect resignation of a partner from your company.

Free Consultation

Got questions? Request a call from an IndiaFilings Business Advisor.

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Advisory

The procedure for resignation of a Partner from the LLP would depend on the existing Partnership Deed. Our Experts will advise you on the procedure relevant for you.

Documentation

Once you obtain an understanding of the procedures involved in resignation of a Partner from LLP, our Experts will draft the necessary documentation for the procedure.

Filing

Once the documentations are signed, our Experts will prepare and file the necessary documents with the Ministry of Corporate Affairs to register the resignation of Partner.

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