Mandatory Annual Filings
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As per the Limited Liability Partnership (LLP) Act, 2008, an LLP must have at least 2 Designated Partners. A Designated Partner is an individual who is responsible for the management of the LLP and is required to be a resident of India.
If an LLP does not have at least 2 Designated Partners, it will be dissolved. The LLP will also be liable to a penalty of up to Rs. 1 lakh.
Here are the specific penalties for not appointing a Designated Partner:
The penalty will be imposed by the Registrar of LLPs. The LLP may also be liable to pay compensation to any person who suffers any loss or damage as a result of the LLP’s failure to appoint a Designated Partner.
It is important to note that these are just the penalties under the LLP Act. There may be other penalties under other laws, such as the Companies Act, 2013.
Under the Limited Liability Partnership (LLP) Act, 2008, there must be at least two Designated Partners in an LLP. There is no upper limit on the number of Designated Partners.
If an LLP does not have at least two Designated Partners, it will be dissolved.
The best thing about LLPs is that partners can be added or removed anytime. However, the designated partner should be made fully aware of his roles and responsibilities before adding him to the LLP. In order to add a partner in an LLP, you have to follow the steps mentioned below:
While adding a designated partner in LLP, the partner should be aware of his/her duties and responsibilities to be followed while in the period of holding the partnership.
Certain individuals cannot be designated partners in a Limited Liability Partnership (LLP). These include:
Yes, a designated partner can be removed from an LLP under certain circumstances. Removal typically involves:
To add a designated partner to an LLP, follow these steps:
One can get a DPIN number using the documents listed below:
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