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CA Inter II LLP Act 2008 including important Rules — practice questions — page 3

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 61–67 of 67.

What is the position of an LLP regarding a common seal?Read the answer and worked solution →When all partners are bodies corporate, who act as designated partners?Read the answer and worked solution →Before becoming a designated partner, an individual must give what to the LLP?Read the answer and worked solution →Which of these is part of the definition of 'business' under the LLP Act?Read the answer and worked solution →From which assets are an LLP's liabilities met?Read the answer and worked solution →A pre-incorporation agreement binds the LLP only if what?Read the answer and worked solution →A retiring partner is entitled to what capital, unless agreed?Read the answer and worked solution →

Worked practice questions

What is the position of an LLP regarding a common seal?

  1. Prohibited for all LLPs
  2. Needed only for audit
  3. Mandatory for every LLP
  4. Optional, if it decides
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Correct answer: D. Optional, if it decides

On registration an LLP may have a common seal only if it decides to have one.

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When all partners are bodies corporate, who act as designated partners?

  1. The auditors of the partners
  2. Nominees of the bodies corporate
  3. The bodies corporate themselves
  4. The Registrar's appointees
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Correct answer: B. Nominees of the bodies corporate

At least two individuals who are partners or nominees of the bodies corporate must act as designated partners.

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Before becoming a designated partner, an individual must give what to the LLP?

  1. A character certificate
  2. A security deposit
  3. Prior consent to act
  4. A power of attorney
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Correct answer: C. Prior consent to act

No individual becomes a designated partner without first giving his consent to act in the prescribed form.

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