LLP Partners Each LLP must have at least 2 designated partners who are individuals, and at least one of them should reside in India. A person or candidate from a company who wishes to be designated as a partner designated by LLP should have an identification number (DPIN) assigned by the Ministry of Corporate Affairs. DPIN can be obtained by filing an application with proof of the persons` address and proof of identity. Digital Signature Certificate All LLP registration forms must be submitted online after the digital signature and, for this purpose, one of the designated partners receives a digital signature certificate. LLP Name Selection of the company name is crucial to the image of your company. You choose a name that reflects the activity you plan to do. Make sure the name selected complies with the Department of Corporate Affairs` LLP name guidelines. LLP Agreement As a partnership, LLP partners can include an agreement on the definition of their terms, the rate of interest, etc. The basic content of the agreement are the name of LLP, the names of the designated partners and partners, and the form of the contribution, the participation report and the rights and obligations of the partners. In the absence of an agreement, the rights and obligations under Schedule I of the LLP Act apply. It is possible to amend the LLP agreement, but any changes made by this agreement must be the subject of a confrontation between the Registrar of Companies. The LLP headquarters is the place where all correspondence related to the LLP would take place, although the LLP may impose another one for the same. A seat is required for the following purposes.
At the time of creation, it is necessary to present proof of ownership or the right to use the seat to the Registrar of Companies. Changing the agreement is very simple. With the adoption of a resolution of the approval of the revision in the agreement of LLP is done. 31. Designated partners are responsible for the execution of all acts arising from this agreement. 42. All disputes between the partners or between the partner and the name of the LLP arising from the simple limited partnership agreement that cannot be resolved under this agreement are referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act of 1996 (26 of 1996). Level I – Partners To form an LLP, there are at least two partners and at least two partners with DIPN. In the case of Body Corporate as a partner, their candidate may be considered a designated partner. Of the two designated partners, one must reside in India.