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Because an LLP has perpetual succession, the death, insolvency or retirement of a partner:
ARequires re-registration
BDoes not affect the existence, rights or liabilities of the LLP
CDissolves the LLP
DConverts it into a firm
Answer & Solution
Correct answer: B. Does not affect the existence, rights or liabilities of the LLP
Perpetual succession means changes among partners (death, insolvency, retirement) do not affect the LLP's continued existence.
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