Singapore legislation
Clause 11
Clause 11
Cessation of partnership interest
(1)
A partner of a limited liability partnership may cease to be a partner in accordance with the limited liability partnership agreement, or in the absence of such agreement, by that partner giving 30 days notice to the other partners of his intention to resign as partner.
(2)
Without affecting the generality of subsection (1), a partner of a limited liability partnership shall cease to be a partner upon the death or dissolution of the partner.
(3)
Where a partner of a limited liability partnership ceases to be a partner, unless otherwise provided in the limited liability partnership agreement, the former partner, his personal representative or its liquidator (as the case may be) shall be entitled to receive from the limited liability partnership an amount —
equal to the former partner’s capital contribution to the limited liability partnership and his right to share in the accumulated profits of the limited liability partnership after the deduction of losses of the limited liability partnership; and
determined as at the date the former partner ceased to be a partner.
(4)
For the avoidance of doubt, a former partner, his personal representative or its liquidator (as the case may be) shall not interfere in the management of the limited liability partnership.