Llp

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2012 A LLP consisting of two partners (A & B) with capital contribution of Rs. 1 Lakh each. Now partner 'A' wants to resign from the LLP.However the partner 'B'wants to continue the LLP business.

Whether the permission of partner "A" is required for continuing the business and admission of new partner?

Partner 'B' wants to have all the profits of the LLP after retirement of partner 'A'. Whether he can do so?

Is new partner can be admitted without giving share in the profits but with capital contribution of Rs. 1 Lac?

CA M Indani

CA M Indani (Expert)
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15 August 2012 Permission of partner A is compulsory...as he is one of Designated partner

new partner can be admitted with 0% PSR

Querist : Anonymous

Querist : Anonymous (Querist)

15 August 2012 Then the profit sharing of the partner B will be 100%. Is that okay?

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