A Partner in an LLP may have to be removed o Resignation would like to resign for various reasons.
– On the death of the Partner – On dissolution of the LLP – If the Partner is declared to be of unsound mind – If the Partner is adjusted as insolvent or declared as insolvent.
– Any amount equal to the capital contribution of the former partner actually made. – Rights to share in the profits after deducting losses (if any), decided as at the date the Partner is counted not to be a Partner anymore. – On removal or resignation or cessation of a Partner in an LLP, whatever liability incurred while the person was a Partner in the LLP shall not be discharged and will continue.
– Removal of LLP Partner by Majority. When the majority of partners want, they cannot remove a partner unless the agreement has such written powers. A Partner can be removed and Form 4 must be filed to effect the removal.