quesDissolving an LLP

I formed a company with one of my friend in June 2013. Since then he stopped all communications and I thought that this company will not work. Recently, I came to know that he was running the business alone for more than 9 months and he got some customers from US and he traveled to US also for the business deals.

I tried contacting him to get the details but failed. Now I want to dissolve the company and also sue him for the 9 month cheating. It is a LLP registered in Bangalore. What steps I can take to dissolve the company and also claim some financial benefits as he used my records to get financial gains? We are only 2 partners both with 50% shares in the company.

  • ansIf it is a Limited Liability Partnership (LLP) why are you calling it a 'company?' Was it a partnership firm prior to conversion into an LLP? At the outset do clarify if it is a company or LLP.

    If it is a LLP then it can be dissolved by agreement of the members. When LLP becomes insolvent, creditors can initiate winding up proceedings. In the winding up of LLP, past and present members are liable to contribute to the extent they have agreed to do in the LLP agreement. You may sue him in accordance with law to apportion in the share of 50% the profits he has made over the past 9 months. Furthermore, he may be prosecuted for breach of trust.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Labour & Service Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Labour & Service lawyers in India

Similar questions

Free Legal Advice - Labour & Service
Free Legal Advice - Labour & Service

Labour & Service Lawyers

Advocate Wg Cdr Ajit Kakkar (Retd)

 Experience: 16 years

Advocate Vishal V Birajdar

  Andheri West
 Experience: 10 years

Advocate Sunil Dalal

  New Friends Colony
 Experience: 19 years

Advocate Anuj Aggarwal

  Model Town, Phase 3
 Experience: 12 years

View all >>

How it Works

Know how LawRato makes legal easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly