Responsibilities of Designated Partners

The LLP Act, in order to simplify the compliance with the otherwise minimal procedural formalities prescribed under the Act, places the responsibility to discharge them on the certain partners only if the LLP so chooses, to be called as ‘Designated Partners’.  Section 7(i) of the Act envisages the number of such Designated Partners to be atleast two.  These partners should consent to act as such.  It is necessary to designate such partners’ even it at the time of incorporation of LLP since there is a column in Form No. 2 along with Form No. 9 which is mandatorily to be filed in.  A change in these particulars, at a later stage is to be filed in Form No. 4.  These designated partners are also to obtain Designated Partner Identification Number (DPIN) even if they had already had a Director Identification Number (DIN).  However, if no Partner of LLP has been intimated to the Registrar as Designated Partner, very partners of LLP would be deemed to be a Designated Partner LLP Registration Kerala.

Amongst the designated partners, atleast one must be an Indian Resident which means that a non-resident partner could also be appointed as Designated Partner.

The carious obligations laid down in the LLP Act has to be fulfilled solely by the Designated Partners by filing the required information through the relevant forms prescribed by the Limited Partnership Rules, 2009 LLP Registration Kerala.

The designated partner would be responsible for filing the following information in the prescribed Form mentioned against eachThe LLP Act has not laid down any restrictions as to the number of LLPs to which he/firm could be appointed as auditors and the limit as regards such number with reference to the Companies Act, 1956 will not apply since the limited liability partnerships are not covered under the definition of a company as defined in Section 3 of the Companies Act, 1956.

The certificate to be issued by the Auditors on the financial statements as contained in Form 8 has also been simplified i.e. a mere certificate that the statement of Account and solvency is ‘true and fair’.  The elaborate matters to be reported under section 227 of the Companies Act as well as the separate report prescribed under section 227(4a) (know as MAO CARO report) have been dispensed with LLP Registration Kerala.