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  1. templates
  2. /
  3. entity formation
  4. /
  5. limited liability partnership
  6. /
  7. subscriber's sheet

Subscriber’s Sheet

Counselvise
Published on 26/12/2024
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Subscriber’s Sheet

Counselvise
Entity Formation / Limited Liability Partnership

Template Description

This subscriber’s sheet serves as a formal declaration by partners who subscribe to the formation of an LLP, listing their personal details and their capital contributions. It is a 2-page MS Word document. Which is essential for registering new LLPs under the Limited Liability Partnership Act, 2008. The Intended user include LLPs, company secretaries, and legal professionals.


Understanding a Subscriber’s Sheet

 

Terminologies:


  • Subscriber’s Sheet: A document that contains the names, addresses, and signatures of the individuals subscribing to the memorandum of an LLP, along with details of their capital contributions.
  • LLP: A Limited Liability Partnership is a legal entity that offers the benefits of both a partnership and a corporate body, allowing for limited liability protection to the partners.


Key Components of the Subscriber’s Sheet:


  • Name and Details of Subscribers:
  • List the full name of each individual partner forming the LLP.
  • Provide addresses, occupations, and other personal details of each partner.


  • Capital Contribution:
  • Each subscriber’s capital contribution to the LLP must be recorded.
  • Specify the type of contribution, whether it’s in cash, property, or other forms.


  • Signature of Subscribers:
  • Each partner must sign the subscriber’s sheet to indicate their agreement to be part of the LLP.
  • Signatures serve as formal consent to the subscription.


  • Witness to Signatures:
  • A witness is required to authenticate the signatures of the subscribers.
  • Include the witness’s name, address, and signature.


  • Date of Subscription:
  • The date on which the subscribers sign the document must be clearly indicated.

 

Procedure for Executing the Subscriber’s Sheet:


  • Preparation and Collection of Details:
  • Gather personal details and intended capital contributions from all partners forming the LLP.
  • Prepare the subscriber’s sheet with accurate information.


  • Signing the Subscriber’s Sheet:
  • All subscribers must sign the document in the presence of a witness.
  • The witness should authenticate the signatures to ensure compliance with legal requirements.


  • Filing with the Registrar of LLPs:
  • Submit the subscriber’s sheet along with other incorporation documents to the Registrar of LLPs.
  • The subscriber’s sheet forms part of the incorporation process for registering a new LLP.

 

Key Considerations:


  • Ensure that the capital contributions are clearly defined and accurately recorded.
  • Make sure all subscribers provide correct personal information.
  • Witnesses should be credible individuals to avoid disputes over the validity of the document.
  • Retain a certified copy of the subscriber’s sheet for internal records and future reference.

 

Conclusion

The Subscriber’s Sheet is a vital document for the formation of an LLP. It outlines the identities of the partners and their initial contributions, thereby formalizing their commitment to the LLP. This document plays a crucial role in ensuring that the LLP is registered properly under the Limited Liability Partnership Act, 2008, and provides a clear record of the founding partners. Proper execution of this sheet is critical for seamless incorporation and legal compliance