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Home / Legal Sphere Acts / Chapter VI - Contribution

Chapter VI - Contribution

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Summary
  • A contribution of a partner may consist of tangible, movable or immovable or intangible property or other benefit to the limited liability partnership.
  • The obligation of a partner to contribute shall be as per the limited liability partnership agreement.

Form of contribution.
 

32. (1) A contribution of a partner may consist 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.

(2) The monetary value of contribution of each partner shall be accounted for and disclosed in the accounts of the limited liability partnership in the manner as may be prescribed.

 

Obligation to contribute.
 

33. (1) The obligation of a partner to contribute money or other property or other benefit or to perform services for a limited liability partnership shall be as per the limited liability partnership agreement.

(2) A creditor of a limited liability partnership, which extends credit or otherwise acts in reliance on an obligation described in that agreement, without notice of any compromise between partners, may enforce the original obligation against such partner.

 

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