Llp capital contribution
This query is : Resolved
10 May 2017
Hi Sirs,
I have an LLP client with one resident and one non-resident partners. Non-resident partners contribution is regulated by FEMA. It has to be made to a bank account only and necessary approval is also required. (This incorporation was not done by me) . Now the issue is they havent opened bank account as of 31st March 2017. And we cannot show the contribution from NR partner.
PLease help me clarify the following doubts
1) Is it possible that one partner can choose to not contribute in the incorporating year for an LLP?
2)As of 31st March, can I show the contribution from resident partner only and show the contribution from NR partner in 2017-18?
3) In Form 11 of LLP, total obligation is Rs 10000, (Rs 5000 each), and the total contribution recd will be only Rs 5000 right? Only the contribution from resident partner? And next year, it will be 10000 once we show contribution from NR partner also.
I have an LLP client with one resident and one non-resident partners. Non-resident partners contribution is regulated by FEMA. It has to be made to a bank account only and necessary approval is also required. (This incorporation was not done by me) . Now the issue is they havent opened bank account as of 31st March 2017. And we cannot show the contribution from NR partner.
PLease help me clarify the following doubts
1) Is it possible that one partner can choose to not contribute in the incorporating year for an LLP?
2)As of 31st March, can I show the contribution from resident partner only and show the contribution from NR partner in 2017-18?
3) In Form 11 of LLP, total obligation is Rs 10000, (Rs 5000 each), and the total contribution recd will be only Rs 5000 right? Only the contribution from resident partner? And next year, it will be 10000 once we show contribution from NR partner also.
10 May 2017
It is not necessary that the partners has to contribute at the same time. There can be time difference with regard to the contribution.
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