Limited liability partnership capital
This query is : Resolved
Faheem Ansari
(Querist)
07 October 2013
Dear,
Can the capital contribution of one partner in LLP be Zero.
Is there any restriction on the minimum amount of capital to be kept by the partners in LLP.
Can the capital contribution of one partner in LLP be Zero.
Is there any restriction on the minimum amount of capital to be kept by the partners in LLP.
07 October 2013
As per the requisite of Section 32(1) of LLP Act
2008 the contribution can be in the form of
tangible, movable or immovable or intangible
property or other benefit to the limited liability
partnership, including money, promissory notes,
and other agreements to contribute cash or
property and contracts for services performed or
to be performed.
The monetary value of contribution of each
partner shall be accounted for and disclosed in
the accounts of the limited liability partnership in
the manner as may be prescribed.
2008 the contribution can be in the form of
tangible, movable or immovable or intangible
property or other benefit to the limited liability
partnership, including money, promissory notes,
and other agreements to contribute cash or
property and contracts for services performed or
to be performed.
The monetary value of contribution of each
partner shall be accounted for and disclosed in
the accounts of the limited liability partnership in
the manner as may be prescribed.
07 October 2013
as per LLP Act 2008 Contribution is not a pre
requisite for formation of a Limited Liability
Partnership or for being a Partner in any Limited
Liability Partnership. Under the Act,
organizational flexibility has been offered to the
Partners through LLP Agreement wherein the
Partners can decide the amount and form of
Contribution as per their suitability. The LLP
Agreement must specify the contribution intended
to be paid by all the members and the form in
which it will be paid.
requisite for formation of a Limited Liability
Partnership or for being a Partner in any Limited
Liability Partnership. Under the Act,
organizational flexibility has been offered to the
Partners through LLP Agreement wherein the
Partners can decide the amount and form of
Contribution as per their suitability. The LLP
Agreement must specify the contribution intended
to be paid by all the members and the form in
which it will be paid.
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