Limited Liability Partnership Act, 2008

Section - 24 - Cessation of partnership interest

Cessation of partnership interest.

24. (1) A person may cease to be a partner of a limited liability partnership in accordance with an agreement with the other partners or, in the absence of agreement with the other partners as to cessation of being a partner, by giving a notice in writing of not less than thirty days to the other partners of his intention to resign as partner.

(2) A person shall cease to be a partner of a limited liability partnership-

(a)	-	on his death or dissolution of the limited liability partnership; or
(b)	-	if he is declared to be of unsound mind by a competent court; or
(c)	-	if he has applied to be adjudged as an insolvent or declared as an insolvent.

(3) Where a person has ceased to be a partner of a limited liability partnership (hereinafter referred to as -former partner-), the former partner is to be regarded (in relation to any person dealing with the limited liability partnership) as still being a partner of the limited liability partnership unless-

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