CA Inter P2 · Chapter 11 · Question 1 of 11
Under section 3 of the Limited Liability Partnership Act, 2008, a limited liability partnership is:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) A body corporate formed and incorporated under the Act, being a legal entity separate from its partners
Explanation
Section 3(1) provides that an LLP is a body corporate formed and incorporated under the LLP Act and is a legal entity separate from its partners. Section 3(2) gives it perpetual succession, and any change in partners does not affect its existence, rights or liabilities. Section 4 states that the Indian Partnership Act, 1932 does not apply to an LLP.
More The Limited Liability Partnership Act, 2008 MCQs
- Q3As per section 7(1), every LLP must have at least:
- Q4Under section 5, which of the following is NOT capable of becoming a partner of an LLP?
- Q5In the absence of an LLP agreement on the matter, the First Schedule to the LLP Act provides that the partners shall share the capital…
- Q6Unless the LLP agreement provides otherwise, which of the following is correct under the First Schedule?
- Q7In the absence of any agreement with the other partners, under section 24(1) a partner may cease to be a partner of an LLP by giving a…