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Addition of Directors or Partners

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A director is a person from a group of managers who leads or supervises a particular area of a company, program, or project. A person who is in charge of an activity, department, or organization.

Addition of Directors or Partners

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DIRECTORS

A director is a person from a group of managers who leads or supervises a particular area of a company, program, or project.

A person who is in charge of an activity, department, or organization.

 

POSITION OF DIRECTORS

Directors are agents- directors are the agent of the company. Consequently, where the directors enter into contracts on behalf of the company, it is the company and not the directors who are liable there under.

Directors as trustees- the office of a director is an office of trust. The directors stand in a fiduciary position towards the company. They are the trustees of the company’s money and property and of the power entrusted to them.

Directors as officers- amongst other persons, a director is also included in the definition of an ‘officer’ of the company

Whether or not a director is in the employment of the company, he shall always be treated as an officer of the company

Directors as employees- directors, as such as not employees or servant of the company. But where any directors, besides being directors, is also in the service or employment, he shall be treated as an employee of the company.

 

 

ADDITION OF DIRECTORS
  • Check whether Articles of Company gives power to its board of directors for the appointment of Additional Director.
  • Check whether the person who has been proposed as Director have DIN (Director Identification Number).
  • Obtain the written consent of Director in Form DIR-2.
  • Convene the Board Meeting for considering and approving the appointment of Additional Director.
  • Intimate to stock exchange within 30 minutes of the conclusion of its Board meeting regarding such appointment.
  • File form DIR-12 with ROC (Registrar of Companies) within 30 days from the appointment of additional Director.

 

PARTNERS

A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships.

. Partnerships come in two varieties: general partnerships and limited partnerships. In a general partnership, the partners manage the company and assume responsibility for the partnership's debts and other obligations. A limited partnership has both general and limited partners. The general partners own and operate the business and assume liability for the partnership, while the limited partners serve as investors only; they have no control over the company and are not subject to the same liabilities as the general partners.

Addition of partners

An individual can be admitted to become a partner with the LLP with the consent of other partners of the LLP and in accordance with the provisions of (section 25) of Limited Liability Partnership Act, 2008.

A new partner can be admitted with the consent of:

  • all existing partners of LLP or a ¾ majority of partners OR
  • partners carrying the majority of the voting right [51% or otherwise] OR
  • such numbers of partners [eg.75% or any other %] OR
  • such numbers of partners carrying such voting rights [eg. 75% or any other% ] OR
  • selected partner/ partners can have right to appoint OR
  • Power can be delegated to designated partners and they can take such decision based on any of the above-mentioned norms.
  • Information required from a new partner:
  1. Name proof and address proof of the person to be appointed including PAN of the same.
  2. Consent to act as a partner or designated partner.
  3. Details of other partnership, directorship, if any.
  4. Copy of the minutes of the decision/ resolution/ consent of the partners authorizing a person to act as partner/ designated partner in case of company or LLP as the partner.

It is also customary in case of the partnership to enter into the deed of admission of partner at the time of admission of any partner.

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