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CA Foundation The Limited Liability Partnership Act 2008 — practice questions

Explore 72 free The Limited Liability Partnership Act 2008 questions in CA Foundation Businesslaw. Open each question or exercise to read its content, reference answers and available explanation.

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The Limited Liability Partnership Act 2008 questions and exercises with answers

Showing questions 1–30 of 72.

The Limited Liability Partnership Act, 2008 contains:Read the answer and worked solution →Under Section 4, the provisions of the Indian Partnership Act, 1932:Read the answer and worked solution →Under Section 3, an LLP is:Read the answer and worked solution →Because an LLP has perpetual succession, the death, insolvency or retirement of a partner:Read the answer and worked solution →In an LLP, the liability of a partner is:Read the answer and worked solution →Regarding mutual agency in an LLP, a partner is the agent of:Read the answer and worked solution →Under Section 6, every LLP must have a minimum of:Read the answer and worked solution →For Section 7, a person is 'resident in India' if he has stayed in India during the financial year for at least:Read the answer and worked solution →Under Section 5, who may be a partner in an LLP?Read the answer and worked solution →The maximum number of partners in an LLP is:Read the answer and worked solution →With respect to a common seal, an LLP:Read the answer and worked solution →An LLP can be formed only for:Read the answer and worked solution →Under Section 2(1)(d), 'body corporate' includes an LLP but does NOT include:Read the answer and worked solution →Which of the following may be converted into an LLP under the Act?Read the answer and worked solution →In law, an LLP is best described as which kind of entity?Read the answer and worked solution →Which feature lets an LLP continue despite changes among its partners?Read the answer and worked solution →Which individual is not capable of becoming a partner in an LLP?Read the answer and worked solution →An LLP runs for over six months with one partner. Who is personally liable?Read the answer and worked solution →What is the minimum number of designated partners every LLP must have?Read the answer and worked solution →How many designated partners of an LLP must be resident in India?Read the answer and worked solution →For LLP law, a resident in India has stayed in India at least how many days in the preceding year?Read the answer and worked solution →Within how many days of a vacancy may an LLP appoint a designated partner?Read the answer and worked solution →If an LLP appoints no designated partner, who is deemed to be one?Read the answer and worked solution →Who is responsible for an LLP's statutory compliance such as filing returns?Read the answer and worked solution →At minimum, how many persons must subscribe their names to an LLP incorporation document?Read the answer and worked solution →With whom is an LLP incorporation document filed?Read the answer and worked solution →Which professional may make the compliance statement at LLP incorporation?Read the answer and worked solution →Within how many days of compliance must the Registrar register an LLP incorporation document?Read the answer and worked solution →The certificate of incorporation of an LLP is which kind of evidence of its incorporation?Read the answer and worked solution →Where are communications and notices addressed to an LLP received?Read the answer and worked solution →

Worked practice questions

The Limited Liability Partnership Act, 2008 contains:

  1. 100 sections and 5 schedules
  2. 81 sections and 4 schedules
  3. 238 sections and 1 schedule
  4. 50 sections and 2 schedules
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Correct answer: B. 81 sections and 4 schedules

The LLP Act, 2008 has 81 sections and 4 schedules and extends to the whole of India.

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Under Section 4, the provisions of the Indian Partnership Act, 1932:

  1. Save as otherwise provided, do NOT apply to an LLP
  2. Apply only to designated partners
  3. Apply only to a small LLP
  4. Apply fully to an LLP
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Correct answer: A. Save as otherwise provided, do NOT apply to an LLP

Section 4 provides that, save as otherwise provided, the Indian Partnership Act, 1932 does not apply to an LLP, which is governed by its own Act.

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Under Section 3, an LLP is:

  1. Not a separate legal entity
  2. The same as its partners
  3. A body corporate and a legal entity separate from its partners, with perpetual succession
  4. A branch of a company
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Correct answer: C. A body corporate and a legal entity separate from its partners, with perpetual succession

Section 3 makes an LLP a body corporate, a separate legal entity from its partners, with perpetual succession.

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