what is the role of designated partner in llp

Introduction :

A designated partner is a partner in an LLP (Limited Liability Partnership) who is responsible for the overall management and functioning of the LLP. They are responsible for ensuring that the LLP meets all its legal and statutory obligations, such as filing annual returns, maintaining proper accounts and registers, and filing all necessary documents with the Registrar of Companies.  Here know more about role of designated partner in llp 

The designated partner has a number of important roles and responsibilities.

1. Filing Returns: The designated partner is responsible for filing all statutory returns and annual accounts with the Registrar of Companies. This includes filing of the LLP Agreement, Form 3 and Form 8. The designated partner must also ensure that the LLP’s accounts are maintained properly and are in compliance with the Companies Act, 2013.

2. Compliance: The designated partner is responsible for ensuring that the LLP complies with all applicable laws and regulations. This includes filing all necessary returns, maintaining proper books of accounts, filing annual returns and other documents with the Registrar of Companies, registering for taxes and maintaining proper records of the transactions of the LLP.

3. Representation: The designated partner is the representative of the LLP before the Registrar of Companies. As such, the designated partner is responsible for all communications with the Registrar of Companies and for representing the LLP in any legal proceedings.

4. Dissolution: In the event of the dissolution of the LLP, the designated partner is responsible for winding up the affairs of the LLP and distributing the assets and liabilities of the LLP. The designated partner is also responsible for filing a notice of dissolution with the Registrar of Companies.

5. Other Responsibilities: The designated partner is also responsible for ensuring that the LLP maintains proper records of all its transactions and is in compliance with all applicable laws and regulations. The designated partner must also ensure that the LLP’s accounts are maintained properly and are in compliance with the Companies Act, 2013.

The duties and responsibilities of the designated partner are very important and should not be taken lightly. The designated partner is responsible for the overall management and functioning of the LLP and is ultimately responsible for its compliance with all applicable laws and regulations. It is important that the designated partner understands the importance of their role and takes the necessary steps to ensure the LLP’s compliance with the law.