Question 4 OR (c) part i

Former partner of an LLP

3 marks

Time to write
About 6 minutes
Notes
Crux notes

Question

Question 4 OR (c) part i · 3 marks

Write a note on:

  1. Former Partner and

Reworded from the university paper; the task is the same. The original paper belongs to the University of Delhi. See DU's question bank.

Before you write

Read off the question and its marks

6 minfor 3 marks

Read from the question

  • Write a noteA note opens with the meaning, then two or three key points. No long introduction.

What the paper leaves open

Only a combined mark of 18 is printed for parts (a) to (c); each part is reckoned here at 6 marks (inferred). Part (c) as a whole is reckoned at 6 marks (inferred, as above); its two notes are answered here as parts of 3 marks each (marks inferred).

Write it in this order

  1. 1 Who is a former partner 1 mark 2 min
  2. 2 His position and rights 2 marks 4 min

Try it first. About 6 minutes for 3 marks. Write it out, then open the solution.

Solution

Hover or tap a marked figure, like 72,000, to see how it is made and where else it appears.

(i) Former partner. A person who has ceased to be a partner of an LLP, by agreement, or, where there is no such agreement, by not less than thirty days' written notice, on his death or the dissolution of the LLP, on being declared of unsound mind by a competent court, or on applying to be adjudged or being declared an insolvent, is called a "former partner" (s. 24).

His position (s. 24, continued):

  1. To outsiders (s. 24(3)). He is still regarded as a partner by any person dealing with the LLP unless that person has notice that he has ceased to be a partner, or notice of the cessation has been delivered to the Registrar.
  2. Past obligations (s. 24(4)). His ceasing to be a partner does not by itself discharge him from any obligation he incurred while a partner.
  3. His share (s. 24(5)). Unless the LLP agreement provides otherwise, he, or the person entitled to his share on his death or insolvency, receives his capital contribution actually made and his share of the accumulated profits, after deducting his share of the accumulated losses.
  4. No say in management (s. 24(6)). Neither he nor his successor may interfere in the management of the LLP.

Where the 3 marks sit

#ComponentMarks
1Who is a former partner1
2His position and rights2
Total3
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