Section 14 — Registration of changes in partners

(1) A limited liability partnership shall ensure that,—
(a) where a person becomes or ceases to be a partner or designated, notice is filed with the Registrar within fifteen days from the date he becomes or ceases to be a partner; and
(b) where there is any change in the name or address of a partner, notice is filed with the Registrar within fifteen days of such change in respect of designated partner:

Provided that where all the partners of a limited liability partnership are, from time to time, designated partners notice under clause (a) will not be required.

(2) A notice filed with the Registrar under sub-section (1),—
(a) shall be in such form and accompanied by such fee as may be prescribed by the Commission through regulations;
(b) shall be signed by the designated partner of the limited liability partnership and authenticated in a manner as may be prescribed by the Commission through regulations; and
(c) if it relates to admission of a partner, shall contain a statement by the incoming partner that he consents to becoming a partner, signed by him and authenticated in a manner as may be prescribed by the Commission through regulations.

(3) If the limited liability partnership contravenes the provisions of sub-section (1), the limited liability partnership and every designated partner of the limited liability partnership shall be punishable with fine which may extend to one million rupees.

(4) Any person who ceases to be a partner of a limited liability partnership may himself file with the Registrar the notice referred to in sub-section (2) if he has reasonable cause to believe that the limited liability partnership may not file the notice with the Registrar and in case of any such statement filed by a partner, the Registrar shall obtain a confirmation to this effect from the limited liability partnership unless the limited liability partnership has also filed such notice.