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24. Cessation of partnership interest

(1) A partner of a limited liability partnership may cease to be a partner-

(a) in accordance with the limited liability partnership agreement; or

(b) in the absence of such agreement, by that partner giving thirty days' notice to the other partners of that partner's intention to resign as a partner.

(2) Without affecting the generality of subsection (1)-

(a) a partner of a limited liability partnership shall cease to be a partner upon the death or dissolution of the partner; and

(b) in the case of a limited liability partnership which is formed for the purposes of carrying on any professional practice, a partner shall cease to be a partner if he has been disqualified from carrying out the professional practice under the relevant governing law as specified in the third column of the First schedule.

(3) Where a partner of a limited liability partnership ceases to be a partner, unless otherwise provided in the limited liability partnership agreement, such partner, his personal representative or its liquidator, as the case may be, shall be entitled to receive from the limited liability partnership an amount-

(a) equal to the former partner's capital contribution to the limited liability partnership and that former partner's right to share in the accumulated profits of the limited liability partnership after the deduction of losses of the limited liability partnership; and

(b) determined as at the date the former partner ceased to be a partner.

(4) Where a partner ceases to be a partner, such partner, or his personal representative or its liquidator, as the case may be, shall cease involvement in the management of the limited liability partnership.

(5) Any former partner, or the former partner's personal representative or liquidator who fails to comply with subsection (4) commits an offence.

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .