Directors are appointed by the shareholders of a Company for the management of a Company. A Private Limited Company is required to have a minimum of two Directors and a Limited Company is required to have a minimum of three Directors. On the other hand, a Limited Liability Partnership (LLP) has Designated Partners and Limited Liability Partnership Act, 2008 requires each LLP to have a minimum of two Designated Partners. Appointment or removal of a Director or Designated Partners maybe required due to various reasons.
Highlights of Changing Directors:
- Minimum Requirements-To become a Director of Company, a person must be at least 18 years old and posses Director Identification Number. Foreign Nationals can also be Directors of an Indian Company.
- Director Identification Number-Director Identification Number or DIN is a unique number allotted by the Ministry of Corporate Affairs for any person who is a Director of a Company or proposes to be Director of a Company.
- Board of Director-A Private Limited Company must have a minimum of two Directors and up to a maximum of 15 Directors. The Directors do not have to be shareholders. However, they have to be over the age of 18.