Law · Limited Liability Partnership Act

What is the legal implication under the LLP Act if a partner transfers their right to share in the profits and losses of the LLP to a third party?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1It automatically makes the transferee a designated partner of the LLP
2It does not cause disassociation or dissolution, and grants no management or operational rights to the transferee✓
3It immediately terminates the partner's legal status as a partner in the firm
4It automatically causes the immediate dissolution of the LLP

Correct answer

It does not cause disassociation or dissolution, and grants no management or operational rights to the transferee

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