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Loan to partner from llp

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(Querist)
02 August 2013 Can a partner take a loan from LLP?

Can Loan amount exceed partner's share of contribution ?

In Balance Sheet where it has to be shown?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
02 August 2013 Ans 1. Yes
Ans 2. it depends on partners and deed made by them.
Ans3.it shown under non current liabilities if rev sch6 is adopted.( if the duration is more then 1 year ) else under current liabilities.
else show under unsecured loan if rev sch6 is not adopted.
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