Adding a Designated Patner
To add a Director or Designated Partner, Digital Signature must first be obtained for the proposed Director. Once, Digital Signature is obtained, the proposed Director can be added into the Company with the consent of the shareholders. In case of a Limited Liability Partnership (LLP), at least two individuals who are partners shall act as designated partners. These partners must have a Director Identification Number and their names must feature in the LLP agreement. Provided that in case of a limited liability partnership in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such limited liability partnership or nominees of such bodies corporate shall act as designated partners.
Designated Partner shall be:
- Responsible for the doing of all acts, matters and things as are required to be done by the limited liability partnership in respect of compliance of the provisions of this Act including filing of any document, return, statement and the like report pursuant to the provisions of this Act and as may be specified in the limited liability partnership agreement; and
- Liable to all penalties imposed on the limited liability partnership for any contravention of those provisions