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Partner A owns 60% equity, Partner B owns 40% equity, and they agreed to admit a third partner. Partner C has several options to join the partnership. He can buy equity from Partner A. He can buy equity from Partner B. He can buy equity from Partner A and Partner B. Partner A and Partner B may both agree to sell 50% of their equity to Partner C.
Requests for admission are a list of questions which are similar in some respects to interrogatories, but different in form and purpose.Each "question" is in the form of a declarative statement which the answering party must then either admit, deny, or state in detail why they can neither admit nor deny the truthfulness of the statement (e.g. for lack of knowledge, etc.).
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP.
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