Resignation of Partner.
Partners in a LLP are responsible for the carrying on the business of the LLP. A Partner in a LLP can resign or be removed for various reasons. Resignation or removal of Partner from a LLP must be notified to the Registrar of Companies.
Partner in a LLP can resign from a LLP by providing notice of resignation in writing not less than 30 days to the other Partners in the LLP. In some cases like death of a Partner, dissolution of the LLP or insolvency of Partner, the Partner would automatically cease to be a Partner. A Partner in a LLP can also be removed by a majority of the other Partners in the LLP, if the LLP agreement expressly provides such powers.
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Duties and Rights of a LLP Partner
Partners of a LLP are bound to carry on the business of the LLP to common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner.
Every Partner of a LP is required to indemnify the LLP for any losses caused to it by a fraud in the conduct of the business of the firm.
The authority of a Partner to bind the LLP, in case of an transaction carried on, in the usual way business is carried on by the LLP, binds the LLP.
All Partners have right to take part in the conduct of the business of the LLP and access to inspect and copy the book of accounts of the LLP.
All property, rights and interest in assets (tangible or intangible) acquired or developed with the money of the LLP are deemed to belong to the LLP.