Formalities required for a partner exiting an LLP that is in debt?
-
October 13, 2018
For an outgoing partner in an LLP, the requisite procedures provided in the LLP Act, 2008 is to be followed i.e. to File Form LLP-4 with respect to Notice of cessation of a designated partner or partner.
Regarding any existing debt or liability of an outgoing partner, as mentioned in section 24 sub-section 1 of the LLP Act, 2008, the cessation of a partner from the LLP does not by itself discharge the partner from any obligation to the LLP or to other partners or to any other persons, which he incurred while being a partner in such LLP. The partner is liable for all the acts conducted in the name of LLP during his tenure.
About EbizFiling.com :
EbizFiling.com is a motivated and progressive concept conceived by like-minded people, which helps small, medium and large businesses to fulfill all compliance requirements of Indian Laws.
Get in touch for a free consultation on info@ebizfiling.com or call 9643203209.
About Ebizfiling -
October 20, 2022 By Zarana Mehta
Company Registration in the USA: 5 Advantages of company registration in the US for foreign non-resident Introduction Do you wish to create your business in the USA but you are Non-resident US citizen? And or want to set up a business […]
October 19, 2022 By Zarana Mehta
7 Tax Advantages of C Corporation in the USA Introduction Entrepreneurs may choose a C corporation for a number of advantages. This corporate structure can really assist business owners in reducing their overall tax burden, even though there is a […]
October 17, 2022 By Zarana Mehta
5 Key differences between S and C Corporation Introduction A C Corporation is the default designation given to a newly formed company. On the other hand, a C corporation may choose to convert into a S Corporation at anytime if […]