Partners in an LLP are responsible for taking over LLP’s business. In order to add a participant to LLP, the person who proposes to become a partner must obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN). DIN can be obtained for any person over 18 years of age. The nationality or residence status of the DIN applicant does not matter. Therefore, Indian citizens, NRIs and foreign citizens can get DIN and they can be appointed as LLP partner in India.
eMindsCA.com is a leading professional service platform in India, offering various services like LLP registration, trademark filing, GST registration, income tax filing and more. eMindsCA.com can help you appoint a director in your company. Average time to file for partner appointment is subject to approximately 10-15 working days, government processing time and customer documentation submission. Receive a free consultation for the appointment of partner by scheduling an appointment with eMindsCA.com Advisor.
Duties and rights of an LLP Partner
An LLP partner is obliged to provide LLP’s business for common profit, to be fair and faithful to each other and to provide true information and complete information to all partners, affecting the firm.
Duty for Indemnity
Each partner of LP is required to compensate the LLP for any loss due to fraud in the operation of the firm’s business.
All participants have the right to participate in the operation of LLP’s business and to inspect and copy the books of LLP accounts.
The authority of a partner to bind the LLP, in the case of transactions, the way business is done by LLP, binds the LLP.
Properties of LLP
All property, rights and interest in property acquired (or embossed) acquired or developed with the money of LLP is considered to be related to LLP.
How do we help in connecting the allies in LLP
eMindsCA.com can help you add a partner to your LLP.
Got the question Request a call from eMinds CA Business Advisor.
The process of adding a participant to LLP will depend on the partnership agreement. Our specialists will advise you on the relevant process for you.
Once you get an understanding of the procedures involved in connecting a partner to your LLP, our specialists will draft the necessary documents for the process.
Once the filing is signed, our experts will prepare and file necessary documents with the Ministry of Corporate Affairs to link the new partner.
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Frequently Asked Questions
Using this section, get all the clarifications for your questions and doubts about outsourcing, finance, and investments. We love to clarify your doubts and get you back to your business real quick with more confidence.
Outsourcing allows you to focus on your main business, not your support departments. Outsourcing gives your company access to a high level of expertise, where you will be able to spend normally.
Cost effectiveness– The salary of professionals is significantly lower than in North America and Europe. This wage turns into difference cost savings.
24/7 operation – Offshore development facilities located in India are in the perfect time zone to help you operate 24/7.
Large pool of talent– Retraining experienced staff becomes difficult when they are given boring and repetitive work. India offers you a cost effective talent pool that you can tap for reliable service delivery.
Best Practices– High focus on improvement in quality and continuous process, offshore development centers work on high level efficiency, forecast and reliability. High level maturity reduces risk and provides significant benefits while managing service level agreements.
Bookkeeping & Accounting
AR follow-up – Aging analysis and reports
Bank/credit card reconciliations
P&L, Balance sheet and other regular reports
Preparation of Tax returns
Insurance Accounting Services