Limited Liability partnership (LLP) is hybrid of partnership and company. It is a partnership but comes with limited liability i.e. in the case of dissolution of business the partner’s personal property is not put at stake, only the property owned by business are attached. In India, it is introduced in 2008.
The Limited Liability Partnership Act 2008 was published in the official Gazette of India on 9 January 2009 and has been in effect since 31 March 2009 and later further amendments, substitutions etc. are being introduced through publication in Official Gazette from time to time.
The Limited Liability partnership required atleast two members with no upper limit on maximum number of partners. A Limited Liability partnership is made by Limited Liability partnership Agreement with a contribution depending upon the partners at the time its incorporation which further can be changed anytime as per the discretion of partners.
During the course of business in Limited Liability partnership, many at times event arises when changes takes place in a Limited Liability partnership like:-
Let’s discuss about our topic that is Resignation by partner. Any partner can resign from the Limited Liability partnership by giving notice to firm and partners. The remaining partner will take suitable action on same keeping in mind the minimum number of partner would be left after resignation of one partner, capital contribution and so on. Generally, resignation of partner lead to change in Limited Liability Partnership Agreement, as the going partner withdraws his/her capital from Limited Liability Partnership.
The resigning partner shall be entitled to:-
Once, the forms LLP 3 & 4 are filled the registrar shall take the note of same and would approve the Forms if everything filled is fine.
The compliances of Limited Liability Partnership (LLP) from incorporation to yearly filings and other event based filings are reasonable and simple. But if not observed on time can put penalty on the partners as well as firm.
LIMITED LIABILITY PARTNERSHIP (LLP) HAS MANY ADVANTAGES LIKE:-
Disclaimer:– The above article is bird view on the topic of resignation of Partner from Liability Partnership (LLP) is for informational purpose. The author in no case, shall liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information.
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