https://www.taxtmi.com/article/detailed?id=680 Cessation of partnership interest under the LLP Act occurs either in accordance with the partnership agreement or, absent such terms, by written resignation with prescribed notice; compulsory cessation arises on death, LLP dissolution, adjudication or application as an insolvent, or declaration of unsound mind. Former partners remain liable for obligations incurred while members until third parties have notice of cessation, and may file notice with the Registrar where the LLP does not. Entitlements of former partners or successors are limited to return of actual capital contribution and a share of accumulated net profits at cessation, without management rights. en-us Mon, 15 Feb 2010 00:00:00 +0530 Mon, 15 Feb 2010 09:20:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=680 Cessation of partnership interest under the LLP Act occurs either in accordance with the partnership agreement or, absent such terms, by written resignation with prescribed notice; compulsory cessation arises on death, LLP dissolution, adjudication or application as an insolvent, or declaration of unsound mind. Former partners remain liable for obligations incurred while members until third parties have notice of cessation, and may file notice with the Registrar where the LLP does not. Entitlements of former partners or successors are limited to return of actual capital contribution and a share of accumulated net profits at cessation, without management rights. Articles Limited Liability Partnership - LLP Mon, 15 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=680