Confusion in resignation in llp
This query is : Resolved
11 May 2017
Dear Sir,
I am a 50% parter of a LLP and due to some issues with my another 50% partner, I resigned by sending him a signed letter which he accepted by
sending me a signed letter. Now I have several question in my mind:
1) Is it the right way of resignation and acceptance?
2) In this case will LLP not get dissolved first?
3) Partner wrote me back that he is adding a new partner taking reference of clause "The LLP shall have perpetual succession, and the death, retirement or insolvency of any Partner shall not dissolve the LLP.” Is it possible as i am alive not retired and also not insolvent.
4) Partner is forcing me to submit the premises keys without giving the assets and libiabilites list and on which ground settle will be done. And asking me that you are not suppose to enter the premises as his personal belongins are there in the premises and are at risk if you come here.
I am bit confused. Is everything going in right direction? Please help
I am a 50% parter of a LLP and due to some issues with my another 50% partner, I resigned by sending him a signed letter which he accepted by
sending me a signed letter. Now I have several question in my mind:
1) Is it the right way of resignation and acceptance?
2) In this case will LLP not get dissolved first?
3) Partner wrote me back that he is adding a new partner taking reference of clause "The LLP shall have perpetual succession, and the death, retirement or insolvency of any Partner shall not dissolve the LLP.” Is it possible as i am alive not retired and also not insolvent.
4) Partner is forcing me to submit the premises keys without giving the assets and libiabilites list and on which ground settle will be done. And asking me that you are not suppose to enter the premises as his personal belongins are there in the premises and are at risk if you come here.
I am bit confused. Is everything going in right direction? Please help
CA R SEETHARAMAN
(Expert)
12 May 2017
1 Yes it is the right way.
2 As he is admitting a new partner in your place no need of dissolution.
3 Your resignation amount to retirement.
4 Appoint a third person for a mutual settlement.
2 As he is admitting a new partner in your place no need of dissolution.
3 Your resignation amount to retirement.
4 Appoint a third person for a mutual settlement.
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12 May 2017
Dear Sir,
Thanks. I have one more query.
Will the continuing partner alone prepare book of account and final settlement without getting complete information from me the former partner, who is still the stakeholder?
Regards.
Thanks. I have one more query.
Will the continuing partner alone prepare book of account and final settlement without getting complete information from me the former partner, who is still the stakeholder?
Regards.
12 May 2017
One more things sir. Can he add a new partner before settling the accounts and until date he doesn't report my resignation to MCA?
CA R SEETHARAMAN
(Expert)
13 May 2017
He can add a new partner and then settle your accounts. Your resignation reporting to MCA will not wait for account settlement.
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