Llp contribution
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
A LLP has an authorised contribution of Rs.50,000. Such amount is shown as Fixed Capital in the books.
Now there is a current capital of Rs.30Lakhs. Is this permissible under LLP Act?
Also since the total contribution exceeded 25 lakhs is audit also applicable?
Now there is a current capital of Rs.30Lakhs. Is this permissible under LLP Act?
Also since the total contribution exceeded 25 lakhs is audit also applicable?
12 August 2015
Contribution of the LLP is governed by provisions of the LLP Agreement. If you have shown Rs 50000 as capital in the LLP Agreement, then any amount over and above this can not be termed as Capital.
You can show this amount i.e. Rs 29.5 Lacs as Loan taken from Partners.
If you want to show this amount as capital, you first need to alter terms of LLP Agreement by executing supplement deed and filing this deed with ROC in Form 3.
You can show this amount i.e. Rs 29.5 Lacs as Loan taken from Partners.
If you want to show this amount as capital, you first need to alter terms of LLP Agreement by executing supplement deed and filing this deed with ROC in Form 3.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
