Business & company › Partnership & LLP disputes
Want to leave the partnership
What usually matters in this situation, and the papers to keep ready before you meet an advocate or free legal aid (call 15100).
Make my own list — free, 2 minutesYour situation
- What is the problem? I want to exit / dissolve
Papers to gather
- Proof of capital contributed by each partner
Basis for return of capital. Where: Bank statements, books. - Books of accounts, bank statements and tax returns of the business
Shows diversion and profit shares. Where: Accountant, bank. - Your notice of retirement/dissolution or the notice expelling you
Fixes dates and rights. Where: Email, letters.
You may also need, depending on your answers
- Partnership deed / LLP agreement and amendments — The starting point.
- Registration certificate (Form A / LLP incorporation) — Affects remedies.
- Messages, payments and witnesses showing the partnership existed — Needed when nothing was written.
What the law says
Partnership firms are governed by the Partnership Act, 1932; LLPs by the LLP Act, 2008. An unregistered firm faces limits on suing third parties and partners in some cases. Many deeds require arbitration.
General information, not legal advice.
Saboot will also ask
- What kind of business?
- Is there a written partnership deed / LLP agreement?
Similar situations
- Partner not showing accounts
- Partner took money from the firm
- Thrown out of the partnership
- Informal business with a friend broke down
Sources
- Indian Partnership Act, 1932 and Limited Liability Partnership Act, 2008
- Indian Contract Act, 1872
The full guide: Dispute with my business partner (partnership firm or LLP) · All situations