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LLP Agreement Format For Removal of Partner

This document outlines an agreement for the removal of a third partner from an LLP. It states that the third partner wishes to retire/resign from the LLP, and that the business will continue under the first and second partners. It details that the retiring partner will receive Rs. 20,000 consideration for their initial capital within 10 days. The effective date of the retirement is also stated. It outlines responsibilities for income tax, distribution of shares and profits, and legal formalities required to officially remove the third partner from the LLP.

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2K views2 pages

LLP Agreement Format For Removal of Partner

This document outlines an agreement for the removal of a third partner from an LLP. It states that the third partner wishes to retire/resign from the LLP, and that the business will continue under the first and second partners. It details that the retiring partner will receive Rs. 20,000 consideration for their initial capital within 10 days. The effective date of the retirement is also stated. It outlines responsibilities for income tax, distribution of shares and profits, and legal formalities required to officially remove the third partner from the LLP.

Uploaded by

sureshkumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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LLP Agreement Format for Removal of

Partner
The Supplementary Limited Liability Partnership Agreement on Removal /
Resignation of  Partner from LLP This Supplementary Liability Partnership
Agreement is made on  0X/0X/20XX
Mr. ___________ residing at ______________________________ Which
expression shall unless it be repugnant to the subject or contact there of
including her legal hairs successors , nominees and permitted assignees
an here after called the “ First Party / Continuing Partner.
Mr. ___________ residing at ______________________________ Which
expression shall unless it be repugnant to the subject or contact there of
including her legal hairs successors , nominees and permitted assignees
an here after called the “ Second Party / Continuing Partner.
Mr. ___________________________ residing at
______________________________________________ Which
expression shall unless it be repugnant to the subject or contact there of
including her legal hairs successors , nominees and permitted assignees
an here after called the “ Third Party / Removing/ resigning Partner. 
Now the  third party  is interest to get Removing/ resigning  from LLP and
continue Limited Partnership firm by First and Second partner.

Nature of Business
To carry on the business of providing
___________________________________________________.

Consideration And where as on the request of retiring partner 


consideration of Rs. 2X000/- will be given in ten days towards initial
capital of Partnership.

Effective Date
The Retiring partner hereby agreed to get retired from LLP with effect from Data ___
of ____ year___.

Income Tax 
Retiring partner will pay the income tax on his/her income & other
settlement funds received. As per Income Tax Act 1961 , IT Tax payable
by LLP will be paid by LLP.

Shares , Profit & Loss


It is declared that except as hereinafter provided the Retiring Partner shall have and
bee hereby releases all his share, right, title and interest in the business of the LLP,
its assets including goodwill, all licenses and permits held by the LLP, its outstanding
dues and receivables and outstanding contracts, that the same shall belong to the
Continuing Partners alone.

Business Continue
As agreed between retiring partner and continuing partners , Continuing Partners
have been and will be entitled to continue to LLP Business.

Legal Formalities
For execution of this retirement of partner deed, The retiring partner agreed to
execute necessary documents to give effect of retirement from LLP.

Intimate Registrar
Given legal effect to this agreement , necessary filing will be done at Registrar. LLP
will appoint a Partner on behalf of LLP and Partner to execute legal formalities.

In witness whereof, the parties hereto have set and subscribed their
hands, the day and year first here in above written.   
Partner No. 1 : ________________
 
Partner No. 2: ________________
 
Partner No. 3: ________________
 
Witness A: ________________
 
Witness B: ________________

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