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A Limited Liability Partnership (LLP) is best described as:
AA sole proprietorship
BA charitable association
CA traditional partnership with unlimited liability
DA hybrid combining the limited liability of a company with the flexibility of a partnership
Answer & Solution
Correct answer: D. A hybrid combining the limited liability of a company with the flexibility of a partnership
An LLP is a hybrid body corporate giving the benefit of limited liability of a company along with the organisational flexibility of a partnership.
Related questions
A key advantage of an LLP over a traditional partnership is the ___ of its partners:On incorporation, the Registrar issues a ___ to the LLP:A body corporate ___ be a partner in an LLP:An LLP is administered in India by the office of the:The internal governance and profit-sharing of an LLP are primarily decided by the:If the number of partners of an LLP falls below two and it carries on business for more thThe LLP combines features of a company and a:A change in the partners of an LLP does ___ affect its existence, rights or liabilities: