TAX
PaieOverview of Adding a New Partner in LLP
Adding a partner to an LLP involves updating the partnership agreement to include the new partner and notifying the Ministry of Corporate Affairs (MCA) about the change. This process ensures compliance with legal regulations and helps expand the firm's capacity and expertise
Scenarios of Adding New Partners in LLP
Existing LLPs wishing to onboard a new partnerIndividuals or entities joining an LLP as a partner
LLPs looking to reallocate responsibilities or ownership percentages among partners
Benefits of Adding a New Partner in LLP
1. Increased Expertise
Brings in additional skills and knowledge
2. Shared Responsibility
Distributes workload and decision-making
3. Business Growth
Facilitates expansion by pooling resources
4. Compliance
Ensures legal recognition of the new partner’s role
5. Financial Contribution
Enhances capital infusion into the LLP
Documents Required for Adding a New Partner in LLP
- Consent letter from the new partner
- Resolution or consent from existing partners
- PAN card and Aadhaar card of the new partner
- Address proof (Passport, Voter ID, Utility Bill, etc.) of the new partner
- Copy of LLP Agreement (original and updated)
- Digital Signature Certificate (DSC) of the new partner
- LLP Incorporation Certificate
- Details of the contribution by the new partner
Step-by-Step Process for Adding a New Partner in LLP
1. Resolution
Pass a resolution to admit the new partner in a partner’s meeting
2. Draft Amendment
Update the LLP agreement to include the new partner
3. Form Filing
File Form 3 (Change in LLP agreement) and Form 4 (Change in partners) with MCA through the MCA portal
4. Fee Payment
Pay the applicable fees as prescribed
5. Approval
Once approved, the new partner is officially part of the LLP
Frequently Asked Questions
Is it mandatory to file Form 3 and Form 4 for adding a partner in LLP?
How long does the process take?
Can a minor be added as a partner in an LLP?
What if we fail to inform the MCA about the new partner?
Can the contribution of the new partner be non-monetary?
Other Services
ROC Filing
Other Services
ADT-1 Filing
Filing Form ADT-1 informs RoC about the appointment or reappointment of an auditor within the company.
Annual Compliance for One Person Company
OPC compliance includes filing returns, financials, and forms under the Companies Act,2013.
Annual Compliance for pvt ltd
Annual compliance for a Private Limited Company includes filing returns, financials, records, and ensuring governance.
Annual Filing for LLP
Annual filing for an LLP includes submitting returns, financial statements, and income tax returns to the MCA for compliance.
Company Name Change
Changing a company’s name requires shareholder approval and updating legal documents as per MCA rules.
DIR-3 KYC Filing
DIR-3 KYC filing is mandatory for DIN holders to update details with MCA, ensuring DIN validity and transparency.
DPT-3 Filing Online
DPT-3 is an annual return filing requiring companies to report deposits, loans, or advances, ensuring MCA compliance.
Event Based Compliances
Event-based compliances under MCA involve filings triggered by changes like directors, share allotments, or MOA alterations.
Removal of Partner from LLP
Removing a partner from an LLP requires updating the LLP agreement and notifying the MCA to disassociate the partner.
Share Transfer
Share transfer in a Private Limited Company involves transferring ownership between shareholders, following AOA and Companies Act, 2013.
Get In Touch
Whether you're an entrepreneur just starting out or a business looking for expert tax and GST advice, Taxpaie is here to help. Contact us today to learn more about how we can assist you in navigating the regulatory landscape and achieving your business goals with confidence.
Let us handle the complexities, so you can focus on building your future.