Why We Need To Change Partners?
As the change is rule of life, the change in designation of Partners can also be necessary during furtherance of Business. New partner can also be introduced, to contribute new capital in the LLP or to take the benefits of the professional services from the partners.
How to change in Partners and Designated Partner in LLP..?
A management may change amongst Partners and designated partners by taking consent of all existing partners or new partner as per the first schedule to the LLP Act and by Execute a Supplementary LLP Agreement.
What is Partner?
Any individual or body corporate may be a partner in a LLP. However an individual shall not be capable of becoming a partner of a LLP, if—
He has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force.
He is an undischarged insolvent; or
He has applied to be adjudicated as an insolvent and his application is pending.