Template Description

This partners resolution template for changing the designation of a partner or designated partner in a Limited Liability Partnership (LLP) is a 2-page MS Word document. It is mandatory for LLPs looking to modify partner designations in compliance with the LLP Act, 2008. The intended audience includes their partners, and relevant stakeholders.

Understanding a Partners Resolution for Change in Designation

Terminologies:

1. 'Partners Resolution' refers to a formal decision made by the partners of an LLP, documented as per the LLP Act, 2008.
2. 'Designated Partner' is a partner who is designated as such and has greater responsibilities in the LLP, including compliance-related duties.

Procedure for Changing Partner Designation:

Convene Partners' Meeting:

1. Schedule a meeting of all partners
2. Provide adequate notice as per the LLP Agreement

Pass Resolution:

1. Discuss the proposed change in designation
2. Pass the resolution with partner consent 2.3 Record the resolution in the minutes

Amend LLP Agreement:

1. Draft amendments to reflect the designation change
2. Get all partners to sign the amended agreement

File with Registrar:

1. File Form 4 with the Registrar of Companies within 30 days
2. Attach the resolution and amended LLP Agreement

Update Records:

1. Update internal LLP records
2. Inform relevant stakeholders of the change

Conclusion     

Changing a partner's designation in an LLP is a significant decision that affects the LLP's management and compliance structure. This resolution template provides a standardized format to document this change, ensuring legal compliance and clear communication among partners.