A Board Resolution For Company Becoming Partner In LLP is a crucial corporate document required under Indian law when a company plans to invest in or join a Limited Liability Partnership as a partner. This document is necessary to comply with the Companies Act 2013 and the Limited Liability Partnership Act 2008, demonstrating proper corporate authorization for such a significant business decision. The resolution must be passed in a valid board meeting with proper quorum and should detail the investment amount, partnership terms, and nominated representatives. It serves as evidence of corporate approval for regulatory filings and is typically required by the Registrar of Companies, banks, and other stakeholders. The resolution should clearly state the board's consideration of the partnership's business rationale and confirm compliance with all applicable laws and the company's Articles of Association.
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1. Title and Date: Specifies that this is a Board Resolution with the date of the meeting
2. Attendance Details: Lists directors present, absent, in person, via video conferencing, etc.
3. Chairman: Names the chairman of the meeting
4. Quorum Confirmation: Confirms that required quorum is present as per Articles of Association
5. Background: Explains the business rationale for becoming a partner in the LLP
6. LLP Details: Provides key information about the target LLP including name, registration number, and business activities
7. Investment Details: Specifies the capital contribution and partnership share being acquired
8. Board's Declaration: Confirms board's review and approval of the partnership terms
9. Main Resolution: Formal resolution text approving company's participation in LLP
10. Authorization: Names authorized persons to execute partnership documents and make filings
11. Compliance Statement: Confirms compliance with relevant laws and company's Articles of Association
12. Closing: Standard closing with chairman's signature and date
1. FEMA Compliance: Required if there are foreign investment aspects or foreign shareholders
2. Existing Business Relationship: Include if there are existing business relationships with LLP partners
3. Special Rights: If company is getting any special rights or obligations as LLP partner
4. Regulatory Approvals: If specific regulatory approvals are needed for the partnership
5. Conflict of Interest Declarations: If any directors have interests to declare regarding the LLP
6. Risk Assessment: Detailed risk assessment if required by company policy
7. Exit Provisions: Special provisions regarding future exit from LLP if pre-agreed
1. Schedule A - LLP Agreement: Draft or final LLP agreement to be executed
2. Schedule B - Due Diligence Report: Summary of due diligence conducted on the LLP
3. Schedule C - Financial Terms: Detailed breakdown of financial commitment and terms
4. Schedule D - Authorized Signatories: List of authorized signatories with specimen signatures
5. Appendix 1 - Company's AOA Extract: Relevant extracts from Articles of Association confirming board's power
6. Appendix 2 - LLP Registration Documents: Copies of LLP registration certificate and other key documents
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Relevant Teams
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Finance
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Risk Management
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Investment
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