Limited Liability Partnership Act,2008

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Amit Singh (Querist)
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26 October 2010 Dear Sir,

Pls. solve my following query regarding LLP Act,2008.

LLP being seprate legal entity what is maximum & minimum withdrawls of partners from LLP

Thank You,

With Regards,

Amit Singh

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 October 2010 It would depend upon the LLP agreement.

Amit Singh

Amit Singh (Querist)
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26 October 2010 Thanks Mr. Aditya Maheshwari Sir,

There has to be some limit

"If say partner has contributed Rs 10 Lac and profit accumulated to his account is Rs 20 Lac. So capital account to his credit is Rs 30 Lacs.
Thus, can partner withdraw upto say Rs 25 Lacs from LLP?
What if, partner withdraws Rs 45 lacs (overdrawn amount is Rs 15 lac) ?"

With Regards,

Amit Singh

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 October 2010 There is no restriction as per LLP act. So there must be restriction as per provisions of LLP agreement only in my view.

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Amit Singh

Amit Singh (Querist)
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27 October 2010 Thank Sir