When setting up an LLP, you can include a schedule listing the property owned by the LLP at the start of the partnership. This provides a record of what each member contributed to the LLP (ie cash or non-cash assets). It can also show which assets the individual members did not intend to be owned by the LLP but instead lent or licensed to the LLP.
If a member contributes assets rather than money, the amount that the members agree makes up the value of those assets must be determined.