Section 9 — Minimum number of partners

Statute text

(1) Every limited liability partnership shall have at least two partners.

(2) If at any time the number of partners of a limited liability partnership is reduced below two and the limited liability partnership carries on business for more than six months or such other period as may be prescribed while the number is so reduced, the person who is the only partner of the limited liability partnership during the time that it so carries on business after those six months or such other period as may be prescribed and has the knowledge of the fact that it is carrying on business with him alone, he shall be liable personally for the obligations of the limited liability partnership incurred during that period.

(3) A person may cease to be a partner of a limited liability partnership,—
(a) in the event of his death;
(b) in the event of dissolution of limited liability partnership; and
(c) in accordance with an agreement with other partners or, in the absence of agreement with the other partners as to cessation of partnership, by giving reasonable notice to the other partners.

(4) Every partner of a limited liability partnership is its agent subject to its agreement.

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