alleryStart learning →What is the minimum number of partners an LLP must have?
- Seven
- Two
- Five
- Three
Show answer and solution
Correct answer: B. Two
The Act requires every LLP to have at least two partners, with no upper limit on their number.
CA Inter II LLP Act 2008 including important Rules — practice questions
Explore 67 free II LLP Act 2008 including important Rules questions in CA Inter Law. Open each question or exercise to read its content, reference answers and available explanation.
Practise II LLP Act 2008 including important Rules with Quill →II LLP Act 2008 including important Rules questions and exercises with answers
Showing questions 1–30 of 67.
What is the minimum number of partners an LLP must have?Read the answer and worked solution →Under the LLP Act 2008, an LLP is best described as which of these?Read the answer and worked solution →What effect does a change in the partners have on an LLP?Read the answer and worked solution →How does the Indian Partnership Act, 1932 apply to an LLP?Read the answer and worked solution →Who may become a partner in an LLP?Read the answer and worked solution →Which individual is not capable of becoming an LLP partner?Read the answer and worked solution →If an LLP's partners fall below two, the sole partner becomes personally liable after how long?Read the answer and worked solution →Minimum stay in India in a year to count as a resident designated partner?Read the answer and worked solution →How many of an LLP's designated partners must be resident in India?Read the answer and worked solution →Within how many days of appointment must a designated partner's consent particulars be filed with the Registrar?Read the answer and worked solution →If no designated partner is appointed, who is deemed designated?Read the answer and worked solution →Who is responsible for the LLP's compliance and filings under the Act?Read the answer and worked solution →An LLP incorporation document goes to which State's Registrar?Read the answer and worked solution →Which professional may make the compliance statement filed with the incorporation document?Read the answer and worked solution →Within how many days must the Registrar register the incorporation document once requirements are met?Read the answer and worked solution →Legal effect of the Registrar's LLP incorporation certificate?Read the answer and worked solution →Which words must be the last words of an LLP's name?Read the answer and worked solution →After the Central Government directs a name change, the LLP must comply within how long?Read the answer and worked solution →Which particular must an LLP's invoices and official correspondence carry?Read the answer and worked solution →Who are an LLP's first partners on incorporation?Read the answer and worked solution →Without an LLP agreement, partners' rights are governed by?Read the answer and worked solution →Where must the LLP agreement and changes made in it be filed?Read the answer and worked solution →Without an agreement, what remuneration is a managing partner of an LLP entitled to?Read the answer and worked solution →Absent agreement, who must consent to a new partner?Read the answer and worked solution →Without an agreement, how are ordinary LLP matters decided?Read the answer and worked solution →Within how many days must LLP decisions be recorded in minutes, by default?Read the answer and worked solution →When can a majority of LLP partners expel a partner?Read the answer and worked solution →Absent agreement, a partner resigns by giving written notice of at least how long?Read the answer and worked solution →Which event makes a person cease to be an LLP partner?Read the answer and worked solution →Within how many days must an LLP notify the Registrar of a partner joining or leaving?Read the answer and worked solution →
Worked practice questions
Under the LLP Act 2008, an LLP is best described as which of these?
- A body corporate separate from its partners
- An association with no legal identity
- A proprietary concern of one owner
- A trust managed by its partners
Show answer and solution
Correct answer: A. A body corporate separate from its partners
An LLP is incorporated as a body corporate and so has a legal identity distinct from that of its partners.
What effect does a change in the partners have on an LLP?
- Existence and liabilities unaffected
- Fresh registration is required
- Existing contracts become void
- The LLP stands dissolved at once
Show answer and solution
Correct answer: A. Existence and liabilities unaffected
An LLP has perpetual succession, so changes in its partners do not touch its existence, rights or liabilities.
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