Voluntary Winding Up. The LLP may be wound up voluntarily by a written consent of the partners holding at least 50 % of interest in the LLP, in terms of the value of their contribution to the LLP. In case the decision to wind up the LLP is so taken, the LLP shall be liquidated in accordance with the provisions of the LLP Act, 2008, and the rules made there under. Compulsory Winding up Notwithstanding anything contained in this Agreement, the LLP shall be deemed to be terminated in the following cases: Number of partners falls below two and the LLP continues to carry on its business with less than two partners for a period of six months. Partner’s non-economic right (e.g. right to take part in the management etc) is transferred to a third party without the approval of the existing partners.
Appears in 4 contracts
Samples: Limited Liability Partnership Agreement, Limited Liability Partnership Agreement, Limited Liability Partnership Agreement
