query regarding llp

[Trupti Shah]

Hello,

Is it necessary for the designated partners to give contributions in the capital of the LLP?

Because client  wants to appoint them without capital contribution and llp will give them salary as a designated partner.

pls guide me

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Thanks & Regards

Trupti I. Shah

Company Secretary

E-mail:- cstrup...@gmail.com

[CS Rakesh Kumar]

ALL DPS ARE REQUIRED TO BE FIRST PARTNER...

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[Trupti Shah]

thanks sir for the response

but here in my case, the designated partner wants to add themselves with zero contribution so is it possible?

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[Ashutosh Shukla]

HI,

The LLP Act 2008 does not specify a minimum contribution that must be brought by a partner or a designated partner, or that, a partner cannot be introduced with zero contribution. Section 33 of the said act leaves it in the hand of the members to decide the obligation of a partner to contribute money or other property or other benefit or to perform services for a limited liability partnership and reduce the same in writing in the LLP Agreement. Assuming that there are other partners who would be making the necessary contribution to ensure that the LLP is, at the minimum, able to perform its functions, I do not see any reason as to why your case shall not be allowed. Simply put, what you are saying is very much plausible. 

Thanks and Regards,

CS Ashutosh Shukla

[satish Jain]

you need to draft an agreement in such a way that one dp will get salary for his skills and another will be investing in the business. LLP Act does not specify any minimum contribution by DP. 

S. V. JAIN & Associates

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[Trupti Shah]

Thank you Ashutoshbhai & Satishbhai,

So after reading your reply, we can say that designated partners can enter without any capital contribution as nothing is specifically mentioned in the Act

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