• I want to quit. How to exit a LLP?

I actually have two queries,

1. I want to quit working for this company which me and my colleague started. We registered an LLP this January but because of unsolvable issues between partners, I want to quit. How to do this is a legally sound manner?(can share the partnership agreement privately)

2. I dont want to inherit anything. How can I legally declare that I have no interest in my parent's properties? Any sample draft.
Asked 1 year ago in Business Law from New Delhi, Haryana
1) you have no share on your parents self acquired properties during their lifetime 

2) your parents can bequeath properties by will to whomsoever they desire 

3) inform your parents you don't want any share in their properties they can gift  transfer or bequeath properties to your siblings 

4) as regards LLP it is necessary to peruse your agreement to advise 
Ajay Sethi
Advocate, Mumbai
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1. You can resign from the LL.P as a result of which the LLP would dissolve unless the a new partner steps in. before your resignation.
2. Resign from LLP and make a paper publication in that regard.
Devajyoti Barman
Advocate, Kolkata
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As per section 75(4), of The Limited Liability Partnership (Concept) Rules and Forms, 2008, The Registrar, before passing an order under sub-rule (2), shall satisfy himself that sufficient provision has been made for the realization  of all amount due to the limited liability partnership and for the payment or discharge of its liabilities and obligations  by the limited liability partnership within a reasonable time and, if necessary, obtain necessary undertakings from  the designated partner or partner or other persons in charge of the management of the limited liability partnership:
The liability, if any, of every designated partner of the limited liability  partnership dissolved under sub-rule (4),  shall continue and may be enforced as if the limited liability partnership had not been dissolved. 
However the partnership deed is to be seen for other conditions and liabilities of the partners which they are obliged to comply with during such circumstances. 



For your second question:
You should know one thing that as it is you will not be entitled to a right or share in your parents' self acquired property, if at all they make any settlement in your favor, you may give it in writing that you are not interested in accepting the share of property proposed to be transferred on your name  or even can orally refuse the gift or settlement. Suppose if the property is intestate upon the death of any parent or both, you may relinquish your rights in favor of the co-sharer by executing a registered release deed in their favor. 
T Kalaiselvan
Advocate, Vellore
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you have to reproduce material clause relating to retirement of partner . 
Ajay Sethi
Advocate, Mumbai
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The clauses No.  46, 51 & 52 will be more suitable answers to your query.You go through clause once again fully and understand the conditions therein. 
Actually on all such further issues, you should consult a local consultant in person and never have the habit of sending such valuable documents in the public forums like this, this may have an adverse impact or chances for exploitation if lands in the hands of some unscrupulous people. 
T Kalaiselvan
Advocate, Vellore
13944 Answers
127 Consultations
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