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of <h1>LLP Partner Cessation: Agreement, Notice, or Conditions; Obligations Remain; Entitled to Capital and Profit Share</h1> A partner in a limited liability partnership (LLP) can cease their partnership through an agreement or by providing a written notice of at least 30 days. A partner also ceases upon death, dissolution, being declared of unsound mind, or insolvency. Until notified, the former partner is considered active in dealings with third parties. Cessation does not release the partner from obligations incurred during the partnership. Upon cessation, the former partner or their successor is entitled to the capital contribution and share of profits, minus losses, but cannot interfere in LLP management.
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