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CA Foundation The Limited Liability Partnership Act 2008 — practice questions — page 2

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 31–60 of 72.

A change of an LLP's registered office takes effect only upon what?Read the answer and worked solution →On registration, an LLP can do which of these in its own name?Read the answer and worked solution →Which acronym must be the last word of an LLP's name?Read the answer and worked solution →For how long may the Registrar reserve a proposed LLP name?Read the answer and worked solution →Within what period must an LLP obey a Central Government direction to change its name?Read the answer and worked solution →On incorporation, who becomes a partner of the LLP?Read the answer and worked solution →What primarily governs the mutual rights and duties of LLP partners?Read the answer and worked solution →If the LLP agreement is silent, where are default rights found?Read the answer and worked solution →With whom must an LLP agreement and any changes in it be filed?Read the answer and worked solution →With no agreement, a partner resigns by giving how many days' written notice?Read the answer and worked solution →A former partner stays a partner for outsiders unless what happens?Read the answer and worked solution →Does ceasing to be a partner end obligations incurred while a partner?Read the answer and worked solution →What right does a former LLP partner have in its management?Read the answer and worked solution →Within how many days must an LLP file notice with the Registrar when a partner joins or leaves?Read the answer and worked solution →Within how many days must a partner inform the LLP of a change in his name or address?Read the answer and worked solution →A notice about an incoming partner must contain what from him?Read the answer and worked solution →A departing partner fears the LLP will not report his exit. What may he do?Read the answer and worked solution →For the LLP's business, each partner is the agent of whom?Read the answer and worked solution →When is an LLP not bound by a partner's act with an outsider?Read the answer and worked solution →An LLP's contractual obligations are solely whose obligations?Read the answer and worked solution →Out of what are an LLP's liabilities met?Read the answer and worked solution →Is an LLP partner personally liable for another partner's wrongful act?Read the answer and worked solution →A partner's liability for his own wrongful act or omission is what?Read the answer and worked solution →What maximum imprisonment applies to those knowingly party to running LLP business to defraud creditors?Read the answer and worked solution →What protection does an LLP employee informant get?Read the answer and worked solution →On what basis may an LLP maintain its books of accounts?Read the answer and worked solution →Which accounting system must an LLP's books follow?Read the answer and worked solution →Within what period from financial year end must an LLP prepare its Statement of Account and Solvency?Read the answer and worked solution →Audit becomes compulsory for an LLP if turnover in a financial year exceeds what?Read the answer and worked solution →Besides turnover, audit becomes compulsory when partners' contribution exceeds what?Read the answer and worked solution →

Worked practice questions

A change of an LLP's registered office takes effect only upon what?

  1. Filing notice with the Registrar
  2. Approval by all the creditors
  3. Passing of thirty full days
  4. Publication in a newspaper
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Correct answer: A. Filing notice with the Registrar

The change is effective only once notice of it has been filed with the Registrar.

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On registration, an LLP can do which of these in its own name?

  1. Issue shares to the public
  2. Sue and be sued in court
  3. Declare a dividend to owners
  4. Appoint a board of directors
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Correct answer: B. Sue and be sued in court

As a body corporate, a registered LLP can sue and be sued by its own name.

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Which acronym must be the last word of an LLP's name?

  1. LLC
  2. LTD
  3. PVT
  4. LLP
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Correct answer: D. LLP

Section 15 requires the words limited liability partnership or the acronym LLP at the end of the name.

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