WHAT IS THE PROCEDURE TO EXECUTE SUPPLEMENTAL LLP AGREEMENT IF ONE OF THE DESIGNATED NATIONAL IS FOREIGN NATIONAL AND NRI?
R V Seckar
WHAT IS THE PROCEDURE TO EXECUTE SUPPLEMENTAL LLP AGREEMENT IF ONE OF THE DESIGNATED NATIONAL IS FOREIGN NATIONAL AND NRI?
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FOREIGN NATIONAL IN AN LLP
Foreign National person can become partner in LLP or designated partner in LLP. Foreign national is eligible investor for registration of LLP. Government had given relaxation for Foreign Direct Investment in LLP. For Automatic route 100 % FDI is allowed.
EXECUTE AMENDMENT TO LLP AGREEMENT FOR ADDITION OF FOREIGN PARTNER
LLP agreement is key document which have major details of LLP. LLP Operates its business as per terms and conditions of LLP agreement. This agreement need to be executed per with terms and conditions for appointment of partner in LLP. This agreement will have capital introduced, roles, duties etc. Check LLP Format for addition of Partner. (NRI)
SUPPLEMENTARY LLP AGREEMENT
It should contain terms & Condition towards admission of Partner.
Previous LLP agreement can be amended through Supplementary agreement
In case there is no change in capital, this supplemental agreement can be executed on Rs.100/- stamp paper
In case there is change in capital contribution of LLP, then bond value applicable as per Stamp Act provisions.
This supplementary agreement shall have sign of existing partner and New partner
Step 1 : File Form 4 & Form 3 intimating Change of Partner in LLP
Form 4 of LLP is toward giving intimation to Ministry of Corporate Affairs for intimation of addition of Foreign Partner in LLP. This form need to be filing with use of DSC of existing partner and new Foreign partner of LLP. Certification form Practicing Chartered Accountant or Company Secretory or CMA is required.
Attachments to Form 4 of LLP
· Consent to act as partner/ designated partner
· Resolution for Authorizing partner
· Consent letter from New partner
· Other Optional attachments
Step 1: Apply for DSC for foreign partner
Step 2: Apply for DIN
Step 3: File DIR-12
Step 4:File LLP Form 3 and Form 4.
Step 5: Execute Amendment Agreement to LLP
Step 6: Convene a Board Meeting
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R V Seckar Practicing Company Secretary
rvsek...@gmail.com +91 79047 19295
CS Rakesh Kumar
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