PRC-3 · Chapter 2 · Question 35 of 61
Three professionals decide to form a Limited Liability Partnership (LLP). According to legal frameworks, which of the following is a core characteristic of this specific business structure?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) It is a separate body corporate and possesses perpetual succession
Explanation
Unlike a general partnership, a Limited Liability Partnership (LLP) is a distinct corporate body and legal entity separate from its partners, and it enjoys perpetual succession.
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