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Regarding LLP form 3

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Varun Arora

CA Practice

48 Points Posted on 19 September 2020

There is reconstitution of LLP, where one of the three partner decides to resign from llp, and the remaining partner will continue the firm eaqually. The capital continue of continue partner will increase and capital contribution of retiring partner is reduced. However total contribution of the firm remains intact i.e rs. 100000. While filling form no. 3 of llp, i stuck at point no. 21 part d, whether i have to mention any amount of reduction or addition to monetary value of contribution. Please help me with your valuable suggestion

Thanks and Regards

CA Varun Arora

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Quick Summary

This discussion addresses a query regarding the reconstitution of an LLP when a partner resigns. The remaining partners will continue the firm equally, leading to an increase in their capital contributions and a reduction for the retiring partner, while the firm's total capital remains constant. The user seeks clarification on how to accurately report these monetary changes in point 21, part d of LLP Form 3.