Expulsion of Partner. A partner shall be liable to be expelled from the LLP and thereupon his partnership in the LLP shall stand terminated in following cases: If he, without consent of all other partners, assigns, charges or encumbers his share in the LLP; If he becomes bankrupt; If he is declared or applies to be declared an insolvent; If becomes lunatic or becomes permanently incapable of attending to the business of the LLP or applying his mind and knowledge for the purposes of the business of the LLP; If he, without leave of the LLP, absents himself from the business of the LLP for a continuous period of three months; If he commits breach of this LLP Agreement which is material (not only of technical or procedural in nature); If he commits any criminal offence or do or suffer any act which would be a ground of dissolution of the LLP by any court or Tribunal In any of the above circumstance, it shall be lawful for the partners by notice in writing to the offending or incapacitated partner or his trustee or official assigns to expel/terminate such partner and the other partners shall have the option to purchase his share and pay the purchase price to the offending partner or his trustee or official assignee. CONTRIBUTION OF PARTNERS AND RETURN THEREON Initially the Capital of the LLP shall be Rs.100000/- (Rupees ONE LACS only) which shall be Contributed by the partners as follows:
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Samples: Limited Liability Partnership Agreement, Limited Liability Partnership Agreement, Limited Liability Partnership Agreement
Expulsion of Partner. A partner shall be liable to be expelled from the LLP and thereupon his partnership in the LLP shall stand terminated in following cases: If he, without consent of all other partners, assigns, charges or encumbers his share in the LLP; If he becomes bankrupt; If he is declared or applies to be declared an insolvent; If becomes lunatic or becomes permanently incapable of attending to the business of the LLP or applying his mind and knowledge for the purposes of the business of the LLP; If he, without leave of the LLP, absents himself from the business of the LLP for a continuous period of three months; If he commits breach of this LLP Agreement which is material (not only of technical or procedural in nature); If he commits any criminal offence or do or suffer any act which would be a ground of dissolution of the LLP by any court or Tribunal In any of the above circumstance, it shall be lawful for the partners by notice in writing to the offending or incapacitated partner or his trustee or official assigns to expel/terminate such partner and the other partners shall have the option to purchase his share and pay the purchase price to the offending partner or his trustee or official assignee. CONTRIBUTION OF PARTNERS AND RETURN THEREON Initially the Capital of the LLP shall be Rs.100000/- Rs.4000/- (Rupees ONE LACS FOUR THOUSAND only) which shall be Contributed by the partners as follows:
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