Commentary

93 Members’ contributions and rights

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

93 Members’ contributions and rights

| Commentary

93 Members’ contributions and rights

As with a general partnership, the membership agreement will need to specify what initial contribution in cash or kind each member agrees to make and what proportion of the limited liability partnership’s (LLP’s) overall capital that member will consequently hold. Sometimes this is expressed in terms of a ‘share’ in the LLP equal to the value of the contribution made, although this terminology is somewhat misleading, suggesting as it does some sort of similarity with the position of a shareholder in a limited liability company. Unlike a company, an LLP is unable to issue anything

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