JKNP & ASSOCIATES

Chapter VI

Form of Contribution

23(1) The contribution of each partner shall be accounted for and disclosed in the Accounts of the LLP along with nature of contribution and amount.

(2) The contribution of a partner consisting of tangible, movable or immovable or intangible property or other benefits brought or contribution by way of an agreement or contract for services shall be valued by a practicing Chartered Accountant or by a practicing Cost Accountant or by approved valuer from the panel maintained by the Central Government.