Limited liability partnership is a partnership, in which liability of partners is limited, which means it can have benefits of both partnership and company. It is formed under limited liability partnership act, 2008.
We shall now understand the concept of designated partner and What is DPIN and DPIN full form
DESIGNATED PARTNER in LLP is similar to director of the company. Section 7 of LLP act, 2008 states that every LLP must have minimum of 2 designated partners in its firm and at least one of them should be resident of India. Designated partner is responsible for all the compliances under LLP act including filing of documents, returns, statements etc. He shall also be liable to penalties for non-compliance of these duties. And to become a designated partner, he shall known what is DPIN.
Any partner in LLP can become a designated partner after taking designated partner identification number and the names of designated partners shall be specified in incorporation documents during registration. Rotation or change of designated partner is also possible after incorporation of LLP.
What is DPIN and DPIN full form?
DPIN full form is designated partner identification number
All the designated partners are required to obtain designated partner identification number (DPIN). And to obtain DPIN, class 2 digital signatures must be obtained for designated partner.
DOCUMENTS REQUIRED TO BE SUBMITTED FOR BECOMING DESIGNATED PARTNER AND TO OBTAIN DESIGNATED PARTNER IDENTIFICATION NUMBER
- Attested or certified copy of identity proof with photograph, date of birth and name of father/husband
- Attested or certified copy of residential proof
- If the applicant of designated partner identification number is nominee of body corporate, copy of resolution/ authorization on its letter head must be attached and name and address of individual shall be specified.
- If a applicant is foreign national, copy of valid passport shall be attached and should know what is DPIN and DPIN full form
It is mandatory for each LLP to have at least 2 designated partners. If failed to have minimum 2 designated partners, penalty of rs. 10000 or more can be levied.
If any designated partner exits from LLP, he/she shall be replaced within a period of 30 days from the day of exit otherwise all the partners would be treated as designated partners.
RELEVANT FORMS FOR APPOINTMENT OF DESIGNATED PARTNERS-
- Consent of a partner to become a designated partner shall be filed in form 9
- Details of individuals who have given their name consent shall be sent in form 4
- Intimation for any changes made by designated partners shall be made in form 10
Therefore, now we know meaning of designated partner, what is DPIN and DPIN full form.For more information you can visit www.registrationsindia.com