Parting ways in LLP
2 years ago
We have a 4-5 years old LLP firm dealing in the services business, it is equally divided into two partners however within the complete tenure my partner has never given the account and finances clarity as he has been dealing with it all the time. Now, he wants to leave but want to close down the company however I on the other hand dealing on sales and operations front willing to continue business looking at the ongoing projects and employees we have.
He also owes a clarity in terms of some portion of money spent by the company account but he is simply telling me things which I clearly don't remember now and he doesn't have any supporting document for those transactions? What should I do?
You will have to go for dissolution of LLP and re-register the company as one person company. When your LLP will go for dissolution the accounts will audited and settled between you and your partner.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
For a two-person partnership, one partner leaving means the end of the partnership. So the partnership firm will be dissolved, and will have to go for one-person company. You can go for dissolution of partnership and the accounts thereon will be settled amongst both of you.
Ankur Goel @ Complete Law Shield
Responded 2 years ago
there have to made other ways to continue the company.
for accounts there have to be proper records.
Agreement related
CREDIT CARD USE FOR BUSINESS EXPENSE
PIP
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