Capital contribution by partners

Form of Contribution

The contribution of capital by the partners can be in the form of tangible, movable or immovable or intangible property including money, promissory notes, and other agreements to contribute cash or property and contracts for services performed or to be performed.

The value should be disclosed in the accounts of the limited liability partnership in the manner as may be prescribed.

Valuation of Intangible Contribution, the value of the same shall be certified by a practicing Chartered Accountant or Cost Accountant or by approved valuer from the panel maintained by the Central Government. 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.

 

Regards

CS Medha Bhargava

csmedha @ gmail.com

"The contribution of capital by the partners can be in the form of tangible, movable or immovable or intangible property including money, promissory notes, and other agreements to contribute cash or property and contracts for services performed or to be performed." Is this applicable for registered general partnership firm also ?

YES IT IS applicable