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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 16790
Experience:  30 years as a practising solicitor.
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If there is a LLP under Scottish law and one partner wishes

Customer Question

If there is a LLP under Scottish law and one partner wishes to resign because of a breakdown in relations , does the partnership end on the resignation and become a sole trader or does the legality of the partnership continue until another partner is found . The relevance of this is a 3rd partner has died and the former capital , now a loan to the executors who wish to have the money repaid is not repayable for 5 years whilst the partnership exists
JA: Has anything been officially filed? If so, what?
Customer: In terms of what ?
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: The 3rd partner was the grandmother of the partner who wishes to resign . The 2 partners are married and are now going to get divorced so clearly the executors want the money out
Submitted: 12 days ago.
Category: Scots Law
Expert:  JGM replied 12 days ago.

Thanks for your question. I am a solicitor in Scotland with 35 years of experience in private practice and I hope that I can help you with your question today. Let me have a quick look at your question and I will either give you an initial answer or ask you for further information. I aim to respond as quickly as I can but sometimes I may want to take a little time to consider your question so as to give you the best possible answer.

Expert:  JGM replied 12 days ago.

The LLP needs two or more persons. If one of the two leaves them the other becomes a sole trader unless he appoints another partner. A dormant company could be used for this purpose to keep the LLP going.

Expert:  JGM replied 12 days ago.

I hope this helped you today. Please do let me know if I can clarify anything. I am always happy to help. You are always welcome to ask a follow up question if it will help you further.