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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am being expelled from an Llp the accountant says the fair

Customer Question

I am being expelled from an Llp the accountant says the fair value is nil the company is making a loss this year so far and my share of the loss is 14k will I be liable to pay this back
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
Do you have any agreement which says you should personally pay back losses please?
Customer: replied 2 years ago.
No I dont
Expert:  Ash replied 2 years ago.
Then no you won't be liable. A LLP is like a limited company, it's liability is limited. You don't have any personal liability unless agreed in writing.
Can I clarify anything for you about this today please?
Expert:  Ash replied 2 years ago.
If this answers your question could I invite you rate my answer before you leave today.
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