Section 24 of LLP Act, 2008 : Section 24: Cessation Of Partnership Interest

Explanation using Example

Imagine Sarah and John are partners in a Limited Liability Partnership (LLP) called "QuickTech Solutions LLP". Sarah decides to pursue other interests and wants to leave the LLP. She checks the partnership agreement, but it doesn't specify any procedure for a partner's resignation. So, Sarah gives a written notice to John, stating her intention to resign from the partnership, respecting the 30-day notice period as required by law.

Two weeks later, Sarah is unfortunately involved in an accident and becomes incapacitated. Since she is declar...

Login to access all pages and read more content.

To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.