Procedure for company name change. The change in name entails change in the Memorandum and articles of association of company.
Add Partner Services in Purnea, Bihar
To add another Partner to a current LLP, consent of every single existing Partner is normally required. Avyud Consultancy can help in appointing or adding a new partner in LLP. Be that as it may, if the LLP ascension licenses, one Partner can likewise have the force to concede a new Partner to the LLP without consent of all the current Partner in the LLP.
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How can I add partner in LLP?
For admission of any new partner in LLP there is no exclusive or rigid provision in LLP Act, LLP Rule and First Schedule. In the absence of any exclusive provision for admission of any new partner in LLP the existing partners of LLP can set their own rules for introducing any new partner. Some of the options in process for admission of partners are discussed below.
A new partner can be admitted with the consent of:
- all existing partners of LLP or ¾ majority of partners OR
- partners carrying majority of voting right [51% or otherwise] OR
- such numbers of partners [eg.75% or any other %] OR
- such numbers of partners carrying such voting rights [eg. 75% or any other% ] OR
- selected partner/ partners can have right to appoint OR
- Power can be delegated to designated partners and they can take such decision based on any of the above mentioned norms.
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Information Tequired from New Partner
- Name proof and address proof of the person to be appointed including PAN of the same.
- Consent to act as partner or designated partner.
- Details of other partnership, directorship, if any.
- Copy of the minutes of the decision/ resolution/ consent of the partners authorizing person to act as partner/ designated partner in case of company or LLP as partner.
- It is also customary in case of partnership to enter into deed of admission of partner at the time of admission of any partner.
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What are The Types of LLP Partners?
LLP Partners can be of various types. Some of the most common partners can be of following types
- Equal partners (1:1)
- Differential Rights LLP partners
- Husband and wife LLP
- Differential Rights and Differential Powers LLP partners
Who Can Become Partner in LLP?
- An LLP incorporated under LLP Act 2008
- An individual unless other disqualified
- A company incorporated in India.
Structure of an LLP?
LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession.
Advantages of LLP Form?
LLP form is a form of business model which:
- Is organized and operates on the basis of an agreement.
- Provides flexibility without imposing detailed legal and procedural requirements
- Enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner
Difference between LLP & a Company?
A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners.
- The management-ownership divide inherent in a company is not there in a limited liability partnership.
- LLP will have more flexibility as compared to a company.
- LLP will have lesser compliance requirements as compared to a company.
Concept of "LLP"?
- LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
- The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
- The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.
- Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
- Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity.
- Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
Our Other Services in Purnea, Bihar
The registered office of a Company is the principal place of business for it and concerned authorities are sent to the same address.
The directors in a corporation are responsible for making sure the company acts on behalf of the shareholders.
Avyud Consultancy team can help you to navigate both domestic and international taxation laws to identify any compliance issues.
An expansion in approved capital may be required for issuing new offers or potentially enlisting more capital into the Company.
Shares determine the ownership of a company. According to law, shares in a private company cannot be transferred easily.
MOA of a Company sets down the constitution of a company including the state of incorporation, type of company and more.
Winding up of company is as a procedure by which the life of an company is conveyed to an end and its property directed for the advantage.
LLP, a legal form available world-wide, now introduced in India and is governed by the Limited Liability Partnership Act 2008.
