Limited Liability Partnerships Act 2005 · 2020 Revised Edition · Part 2 · Nature of Limited Liability Partnership
15. Cessation of partnership interest
Feedback & supportA 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 the partner’s intention to resign as partner.
partner
“partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement;
Without limiting subsection (1), a partner of a limited liability partnership ceases to be a partner upon the death or dissolution of the partner.
limited liability partnership
“limited liability partnership” has the meaning given by section 4(1);
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 or her personal representative or its liquidator (as the case may be) is entitled to receive from the limited liability partnership an amount —
limited liability partnership agreement
“limited liability partnership agreement”, in relation to a limited liability partnership, means any agreement expressed or implied between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners and their rights and duties in relation to the limited liability partnership;
equal to the former partner’s capital contribution to the limited liability partnership and the 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
determined as at the date the former partner ceased to be a partner.
To avoid doubt, a former partner, his or her personal representative or its liquidator (as the case may be) must not interfere in the management of the limited liability partnership.[11
liquidator
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;