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 12:00AM