A person shall not cease to be a partner of a limited liability partnership.
A family member’s insolvency does not cause a partner to cease being a partner of a limited liability partnership. Section 24(2) of the Limited Liability Partnership Act,…
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A person shall not cease to be a partner of a limited liability partnership.
Answer and explanation
Correct answer D
A family member’s insolvency does not cause a partner to cease being a partner of a limited liability partnership. Section 24(2) of the Limited Liability Partnership Act, 2008 instead lists the partner’s own death, the LLP’s dissolution, a court declaration of the partner’s unsoundness of mind, and the partner’s own insolvency circumstances. Those grounds attach to the partner or the partnership itself.
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