Common use of Number of Designated Partners Clause in Contracts

Number of Designated Partners. The LLP shall have at least two Designated Partners at all times after its incorporation and the majority of the designated partners shall be resident of India. In case no Designated Partner is appointed or if at any time there is only one or no Designated Partner, each partner shall be deemed to be a Designated Partner and in such case the Registrar shall be intimated accordingly. Who can be appointed as designated partner of LLP No person shall be appointed as designated partner unless he/she: Is a partner in the LLP, or in case the partner is body corporate, is an authorised nominee of such partner body corporate; Is an individual; Is holding a valid DPIN/DIN; Has furnished his/her consent to act as designated partner, in the manner and form prescribed under the LLP Act and the rules made thereunder; Fulfils such other requirements as may be prescribed by the LLP Act, 2008. Cessation of partners A partner may cease to be partner in the LLP in the following cases: Resignation/Voluntary Withdrawal Each Partner covenants and agrees that he will not withdraw or resign from the LLP without the prior consent of the other partners. A partner may tender his resignation as a partner by giving not less than 30 days notice in writing. The remaining partner(s) shall not withhold the consent unreasonably. It shall be the duty of remaining partners to convey its acceptance or denial within 15 days from the receipt of the notice of resignation. In case of denial to accept the remaining partners shall also give the reasons for the same in writing along with its reply. If the number of partners remaining after such resignation reduces below two, the remaining partner shall act in accordance with the provisions of the LLP Act, 2008 or rules made thereunder. Death of any Partner In case of the death of any partner their legal heirs shall be a partner in the LLP. Effect of the cessation of partner