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CA Inter II LLP Act 2008 including important Rules — practice questions — page 2

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.

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II LLP Act 2008 including important Rules questions and exercises with answers

Showing questions 31–60 of 67.

In the LLP's business, every partner is the agent of whom?Read the answer and worked solution →What is a partner's personal liability for LLP obligations?Read the answer and worked solution →Is an LLP partner personally liable for another partner's wrongful act?Read the answer and worked solution →When does the liability of an LLP and its partners become unlimited?Read the answer and worked solution →A partner or employee gives useful information. What may the Court waive?Read the answer and worked solution →Which of these can be a partner's contribution to an LLP?Read the answer and worked solution →A creditor unaware of a compromise may do what to the partner?Read the answer and worked solution →Which accounting system must an LLP follow for its books of account?Read the answer and worked solution →Within how long after the financial year must an LLP prepare its Statement of Account and Solvency?Read the answer and worked solution →Who must sign an LLP's Statement of Account and Solvency?Read the answer and worked solution →An LLP must file its annual return within how many days of financial year closure?Read the answer and worked solution →Who may inspect filed LLP documents held by the Registrar?Read the answer and worked solution →Knowingly making a false material statement in an LLP return can bring imprisonment up to what?Read the answer and worked solution →A partner transfers his profit share to another. What is the effect?Read the answer and worked solution →An application for investigation of an LLP by its partners needs what share of partners?Read the answer and worked solution →Who can be appointed as an inspector to investigate an LLP?Read the answer and worked solution →Which company may convert into an LLP under the Act?Read the answer and worked solution →The Tribunal may wind up an LLP that defaults in filing returns for how many consecutive years?Read the answer and worked solution →The Tribunal may wind up an LLP whose partners stay below two for more than how long?Read the answer and worked solution →A partner who lends money to his LLP has which rights on that loan?Read the answer and worked solution →What is the standard financial year of an LLP in India?Read the answer and worked solution →A foreign LLP under the Act is one formed outside India that does what?Read the answer and worked solution →An LLP's accounts must be audited if contribution exceeds Rs 25 lakh or turnover exceeds what?Read the answer and worked solution →At what basic flat rate is the total income of an LLP taxed?Read the answer and worked solution →Which form is the annual return of an LLP?Read the answer and worked solution →By what date is Form 8 of an LLP usually due each year?Read the answer and worked solution →DPIN has been merged with which number?Read the answer and worked solution →From which date has the LLP Act, 2008 been in effect?Read the answer and worked solution →Which fundraising route is unavailable to an LLP?Read the answer and worked solution →When does a change in an LLP's registered office take effect?Read the answer and worked solution →

Worked practice questions

In the LLP's business, every partner is the agent of whom?

  1. The Registrar of the State
  2. The designated partners only
  3. The LLP itself for its business
  4. All the other partners
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Correct answer: C. The LLP itself for its business

A partner acts as agent of the LLP for its business but not as agent of the other partners.

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What is a partner's personal liability for LLP obligations?

  1. Jointly with all partners
  2. Up to his profit share
  3. Up to twice his capital
  4. No personal liability
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Correct answer: D. No personal liability

An LLP's obligations are solely its own, so a partner is not personally liable merely because he is a partner.

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Is an LLP partner personally liable for another partner's wrongful act?

  1. Yes, up to capital
  2. Yes, if senior partner
  3. No, not for another's act
  4. Yes, always jointly
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Correct answer: C. No, not for another's act

A partner answers for his own wrongful act or omission but not for that of any other partner.

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