Frequently Asked Questions
What is Procedure for conversion of Partnership firm to a Limited Liability Partnership?
A Partnership firm can propose to change into an LLP to move and safeguard into Limited Liability concept The Procedure to change name is as follow
- An Notice need to be sent to all partner for intended change
- Get DSC and DIN for all partners
- Get the Name approval done
- Draft new partnership deed as per LLP Act 2002
- File Required form in ROC
- Get Approval and apply for new Pan card
- Open New Bank A/c
What is Procedure to appoint a new partner in a Partnership?
Following steps need to be taken to appoint a new director
- Draft appointment letter
- Draft Addendum Partnership deed
- File required Registrar of firms within 30 days.
What is Procedure for Partner’s resignation?
E-forms to be filed in case Resignation of Partner’s Resignation is resignation letter from partner. Amendment in partnership deed.
- Notice of Resignation filed with the Partnership firm (Resignation Letter);
- Proof of Dispatch of resignation (Speed Post Acknowledgements or Courier slip);
- Draft Addendum with Partnership Deed.
- File required Registrar of firms within 30 days.
What is the time period to intimate changes for Registrar of Firms?
That depends procedure to procedure, starting from 15 days to 30 days, as a thumb rule any significant changes should be intimated a.s.a.p.
What will be consequences in changes are not intimated to ROF?
There is a strict timeline to file forms to intimate the changes, if the changes are not reported then penalty need to be paid at the time of form filing.
What is Procedure to do amendments/Changes in partnership Deed of LLP?
Following steps need to be taken while filing for amendments in partnership deed of LLP
- Notice to all partners for intended changes.
- Drafting Partnership Deed and taking approval.
- Incorporating changes in Final addendum of Partnership.
- Filing requisites form to ROC and getting approval.
Under what situations Partnership deed Amendments required?
Partnership deed needs to be amended in case
- There is any change in business objective,
- Change in Address,
- Change in Partners capital.
- Change in Other Objectives of Firm.
- Change in name of Firm
- Any other required changes.
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