Question ID :
44351
079710
X (Land Owner) and Y (Developers) created a LLP firm namely XY LLP , where according to capital contribution clause X will introduce Land as his capital cont part and Y will invest amount . NO other activity has made till 31.03.2021 and No bank account opened . The Management has drafted balances sheet as on 31.03.2021 by assets as Land and Investment and in assets Capital cont. with disclosures that Land are regd in personal name pf X partner
Querry
Whether above acts are legal . Can we further proceeds as Land as assets without their Title in Firms name what is best way to proceed further
Posted by
SANDEEP KAPOOR
on
Aug 25, 2022
Filed Under
MISC.
No. The land should be transferred first in the name of the registered partnership firm.
Posted by
CA. JHA SHANKAR KUMAR on
Sep 01, 2022
Answer ID :
83684
No. The land should be transferred first in the name of the registered partnership firm.
Posted by
CA. JHA SHANKAR KUMAR on
Sep 01, 2022