LLP -Partners contribution

This query is : Resolved

LAVANYA VISHAKANTAMURTHY (Querist)
Follow

22 April 2021 what is the defination of contribution in case of llp? audit is applicable if its contribution exceeds 25 lacs, then whether i need to do summation of fixed as well as current capital contribution to check applicability of audit as per llp act?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

23 April 2021 As per the provisions of Section 32 of Limited Liability Partnership Act, 2008, contribution of a partner may consists of tangible, movable or immovable or intangible property or other benefit to the limited liability partnership, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed. The monetary value of contribution of each partner shall be disclosed in the accounts of LLP in the prescribed manner.
Yes audit applicable if contribution exceed 25 lacs.
Count only fixed capital reported.