Dear Members
In a new LLP incorporated in July 2019, the Designated Partners had agreed to make a contribution (monetary) of Rs 10 Lakhs as per LLP agreement. Now due to slowdown, there is a delay in getting the required contribution . Small part amount may come in before 31/03/2020, but large portion may come after 31/03/2020.
We referred to Sec 32 & Sec 33 of LLP act, but it is silent on the time period within which partners are required to bring in the contribution.
Request members to advise whether
1) Is it okay to bring the capital after 31/03/2020 since form 11 also provides separate field for 'obligation of contribution' and 'contribution received'
2) Does the ROC send any notice or intimation if the 'contribution received' is less than the 'obligation of contribution'
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Dear Members,
Can an LLP Convert loans taken from partners into Contribution.....if yes what shall be the formalities for the same...is there anything to be filled/uploaded with concerned ROC???
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conversion
Dear Members,
In an LLP, there are 36 partners and their actual contribution is of Rs.85,000/- each. Instead in the system it shows total contribution as 50 Crs and two DP contribution is of 24.97 Crs each and the rest 34 partners contribution is 15,000 only.
These members were first admitted by taking a contribution of Rs.15,000/- and thereafter the contriution amount was increased to Rs.85,000/- each. But it appears for this form No.3 & 4 has not been filed.
Now in order to file cessation of a DP, when we tried to file Form No. 3 & 4, this error appeared. Perhaps in the past somebody wrongly entered the figure of Rs.50 Crs.
How to correct this mistake. It is not possible to file any further form No.3 & 4 without correcting this mistake. Please advice.
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Dear Members,
Please help on the following query:
In a LLP, the profit sharing ratio between 2 designated partners have changed from 50-50 to 75-25.
Can they also change their contribution obligation from 50,000 each to 75,000 & 25,000.
Is this permissible.
You are requested to reply as soon as possible.
partner
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LLP agreement does not stipulate any clause in the case of the death of a partner. In such case, can we transfer the contribution of Rs.90,000/- of the deceased partner in his wife name after receiving a request letter from his wife in this respect and with the consent of all the partners or shall we ask for legal heirship certificate from tahisildar for admitting his wife as Partner by transferrinf the contribution of the deceased partner in favour of his wife.
New Partner can be admitted with the consent of all the partners as per the LLP agreement. Members may guide in this respect.
contribution
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LLP agreement does not stipulate any clause in the case of the death of a partner. In such case, can we transfer the contribution of Rs.90,000/- of the deceased partner in his wife name after receiving a request letter from his wife in this respect and with the consent of all the partners or shall we ask for legal heirship certificate from tahisildar for admitting his wife as Partner by transferrinf the contribution of the deceased partner in favour of his wife.
New Partner can be admitted with the consent of all the partners as per the LLP agreement. Members may guide in this respect.
contribution
transfer
partner
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In a LLP, the Partner's Capital / Contribution has become less than the original contribution on account of losses in year ended 31.3.2018 . In the Form 11, it was reported that original monetary contribution was fully received. In Form 8, should the Option 1) Contribution amount be shown as the reduced amount [on Page 2 (Part B- Statement of Accounts) of Form 8] OR Option 2) Contribution be shown as the original contribution amount, and the accumulated losses shown as negative amount in Reserves & Surplus, to maintain consistency in Form 11 and Form 8 In the approved accounts, the loss amount has been equally allocated to / reduced from the Partner's capital account. We were wondering if there a mismatch between contribution amount as per Form 8 and Form 11, in case option 1 as above, resulting in query from ROC. Request guidance from learned group members on appropriate reporting
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