The partners may introduce new capital or contribute to run the organization through Tangible, intangible moveable/immoveable property, contracts for services performed or to be performed, Agreement for contributing cash or property, Monetary contribution or Promissory Notes. So Increase in contribution means to contribute new capital in the LLP by existing partner or new partners.
We need to increase contribution in LLP due to the following reason:
* To expand the business,
* To introduce any new partner,
* To increase the business activities,
* Any other requirement as per the partners.
What is the Process to increase contribution in LLP?
E-Form LLP- 3 filed with the Registrar in a maximum of 30 days from the date of modification of LLP Agreement. Only amended LLP agreement, initial agreement and consent of partners is to be required to file in e-form-3.
When we can increase contributions in LLP?
A partner and designated partner of the LLP may increase contribution in the LLP at any time, whenever they feel the requirement of extra capital in the LLP or at the time of new partner or designated partner introduce in LLP, then the new person also contributes for LLP.
Meeting of the partners