legal advice regarding a small business

[gumballer]

can anyone offer a few pointers to a problem i have regarding leaving a LLP. very much appreciated. cheers

[Eric Mc]

Are you one of the partners?

Does it owe you any money?

[gumballer]

yes i am and as it stands we owe a tiny amount to a supplier. i cant really divulge anymore on here...

[Eric Mc]

The whole point of an LLP is that each individual partner's liability is limited to the capital they have put into the partnership.
Of course, in cases of fraud or wrongful trading (or any other inappropriate behaviour by a partner), then the limited liability may be waived - but I'm sure that won't be the case in this example.

I was thinking if the partnership owed you money. Then, before pulling out, you should ensure that you are recompensed what it owes you, subject to the terms and conditions of the original partnership agreement which no doubt you signed .

[gumballer]

Thanks. YHM