llp
aishwarya vucha
(Querist) 04 May 2019
This query is : Resolved
sir in partnership even though a partners share is 30% if losses occur he will be liable 100% and this can extend to personal assets also but in llp if a partners share is 30% since liability is limited it will not be 100% but only 30% but can this 30% extend to his personal assets
kavksatyanarayana
(Expert) 04 May 2019
In a LLP, the liability is limited in the sense that the partner will lose assets in the partnership, but not on partners' personal assets.
aishwarya vucha
(Querist) 04 May 2019
sir even if llps losses exceed the assets of llp then also would not personal estate or assets come into picture eg if llps losses 50 cr but llps assets are only 25 cr
Dr J C Vashista
(Expert) 05 May 2019
Terms and conditions of LLP shall prevail and the partner would be liable for his 30% share in assets and liabilities.
It would be better to show the Memorandum of Association / Partnership Deed to a local prudent lawyer for better appreciation and guidance.
Your query contain numerous "ifs" and "ifs" meaning thereby that it is a hypothetical and not a real story, consult a local lawyer if there is some truth.
