Resignation of Designated partners of LLP

[Prakash M]

 

Dear all,

 

What is the procedure in case one of the 3 designated partner  resigns in an LLP. i know that we have to get a resignation letter from him and file the same in eform 4 and any change in the constitution will change the agreemnt and modification thereon needs to filed in eform 3.

 

I have a doubt, how the share of the retiring partner is transferred to the existing partner. LLP has to pay back the contribution to the retiring partner and not the existing partner who want to increase his ratio of capital contribution.

 

thanks & Regards

 

Prakash  

[Nagendra B]

There will be change in the Contribution ratio once you payback the contribution of the resigned partners as well as there will be amendments in the agreement too. for that you have to file "Supplemental Agreement" mentioning the new contribution as well as profit sharing ration. 

Also go through the agreement and its clauses.. and file form 3 and form 4.

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With Regards.
     nagu

[Prakash M]

Dear sir,

 

Thank you for your views.

 

just wanted to know, if any of the existing partner needs to bring additional capital to fill the gap of minimum capital as mentioned in the original LLP agreement or they can continue with their old contribution thereby increase their ratio of capital. say for eg if capital is
 0ne lac in 40: 40: 20 ratio and when partner having 20 goes out should the first partner who intend to contribute can bring in another 20 to make the same to 100. or let it be 80  ( with 40 : 40 ) and become 50 : 50 share.

[Chippy Pavithran]

Hi ,

I have the same question. Please let me know how did you do it finally.