Dissolving 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.
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.
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Answers (1)
If 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.
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.
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