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Procedure and requirement for LLP partnership
24-Jan-2023 (In Documentation Law)
Is there a requirement to have an additional agreement beyond the partnership agreement to admit a partner into LLP which is engaged in Stock investments and trading. The mode of operating is profit sharing between designated partners and other partners ? Can all the terms be covered in LLP agreement ? or a separate Legal term sheet should be drafted for each new partner ?
A firm may apply to convert into a LLP by filing with the registrar the following documents :
1. A statement by all of its partners in such form and manner and accompanied by such fee as the
Central Government may prescribe containing following particulars:
a. the name and registration number of the firm (if applicable); and
b. the date on which the firm was registered under the Indian Partnership Act
2. Incorporation document. It shall contain the following details:
a. Be in a form as may be prescribed
b. state the name of the LLP
c. state the propsed business of the LLP
d. state the address of the registered office of the LLP
e. state the name and address of each of the person who are to be the patners of the LLP on incorporation.
f. state the name and address of the persons who are to be designated partners of the LLP on incorporation.
g. contain such other information concerning the proposed LLP as may be prescribed.
There after on receiving the documents, the registrar shall, as per the section of the LLP Act, register the documents and issue a certificate of registration.
1. A statement by all of its partners in such form and manner and accompanied by such fee as the
Central Government may prescribe containing following particulars:
a. the name and registration number of the firm (if applicable); and
b. the date on which the firm was registered under the Indian Partnership Act
2. Incorporation document. It shall contain the following details:
a. Be in a form as may be prescribed
b. state the name of the LLP
c. state the propsed business of the LLP
d. state the address of the registered office of the LLP
e. state the name and address of each of the person who are to be the patners of the LLP on incorporation.
f. state the name and address of the persons who are to be designated partners of the LLP on incorporation.
g. contain such other information concerning the proposed LLP as may be prescribed.
There after on receiving the documents, the registrar shall, as per the section of the LLP Act, register the documents and issue a certificate of registration.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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