CA Inter P2 · Chapter 11 · Question 6 of 11
Unless the LLP agreement provides otherwise, which of the following is correct under the First Schedule?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) No person may be introduced as a partner without the consent of all the existing partners
Explanation
The First Schedule provides that no person may be introduced as a partner without the consent of all existing partners. No partner is entitled to remuneration for acting in the business. No majority may expel a partner unless the agreement expressly gives that power. Ordinary matters are decided by a majority, but a change in the nature of business needs the consent of all partners.
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