Hi. Would like to seek legal advice on LLP. A few months ago, we bought some shares from A, one of the 4 partners of a Tuition center (registered as a LLP). After paying the 5 digit amount to the center, we were endorsed at ACRA as the 5th partners. But after that, we repeatedly asked for knowing & meeting with all the other partners, discussing the center's business, requesting for partners' Agreement, financial report, the center's business condition / situation / update, etc. But we got no reply. Half a year passed, we don't even know the other 3 partners, let alone attending partners' meeting, information on the center's business status etc. I also could never get through the line of the only partner who I met once and paid the investment to.
After such a bad experience, I decided to quit. What to do to get back my investment and to protect my right as one of the partners?
Looking forward to earliest reply.
Thank you.
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
legal advice on LLP
It looks like you didn't do your due diligence before handing over the cash!
Since there are no general rules (laws) governing the relationship of partners in an LLP, such things are usually stipulated in the partnership contract. If you don't have such a contract, you are probably out of luck here.
In most cases things like paying out cash to a resigning partner need a majority decision of all partners. How high are the chances that the others agree to pay you anything?
Since there are no general rules (laws) governing the relationship of partners in an LLP, such things are usually stipulated in the partnership contract. If you don't have such a contract, you are probably out of luck here.
In most cases things like paying out cash to a resigning partner need a majority decision of all partners. How high are the chances that the others agree to pay you anything?
-
- Newbie
- Posts: 2
- Joined: Sat, 27 Aug 2011 11:35 pm
legal advice on LLP
Hi. Beppi. Thanks for your reply. You are right. I trusted the guy too much. All the other partners are his relatives or friends. Up to now I don't even have a chance to know them although I repeatedly asked for the meeting with them. Now I heard they are going to sell the Center. Am I legally able to stop it or do I have the legal right to request for detail of the sale? If I was not informed of the sale (by black-and-white), can I take any legal action on them?beppi wrote:It looks like you didn't do your due diligence before handing over the cash!
Since there are no general rules (laws) governing the relationship of partners in an LLP, such things are usually stipulated in the partnership contract. If you don't have such a contract, you are probably out of luck here.
In most cases things like paying out cash to a resigning partner need a majority decision of all partners. How high are the chances that the others agree to pay you anything?
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Dissolving a LLP but shareholders are MIA on deliberate
by wintermelon » Wed, 15 Apr 2020 10:43 pm » in Business in Singapore - 1 Replies
- 1593 Views
-
Last post by Myasis Dragon
Thu, 16 Apr 2020 1:53 am
-
-
- 3 Replies
- 2065 Views
-
Last post by Myasis Dragon
Wed, 21 Jul 2021 10:50 pm
-
-
Advice - What is the best way to become medium-long term legal expat in SG
by funkytown99 » Wed, 22 Aug 2018 6:02 am » in Staying, Living in Singapore - 4 Replies
- 3785 Views
-
Last post by brian_singapore
Thu, 23 Aug 2018 11:57 am
-
-
-
Ask for advice about legal status between resign time and re-employment time
by mdkf123 » Sat, 09 Nov 2019 1:59 pm » in Careers & Jobs in Singapore - 4 Replies
- 1874 Views
-
Last post by mdkf123
Sat, 09 Nov 2019 5:00 pm
-
-
-
Landlord refuses to security deposit, need legal advice.
by Couchpotato » Sat, 21 Mar 2020 11:50 am » in Property Talk, Housing & Rental - 1 Replies
- 1970 Views
-
Last post by PNGMK
Mon, 23 Mar 2020 2:29 pm
-
Who is online
Users browsing this forum: No registered users and 0 guests