Home › CA Foundation › businesslaw › The Limited Liability Partnership Act 2008 › In an LLP, the liability of a partner is:
In an LLP, the liability of a partner is:
AJoint and several for all acts
BUnlimited, as in a firm
CLimited to the LLP's total assets
DLimited to his agreed contribution in the LLP
Answer & Solution
Correct answer: D. Limited to his agreed contribution in the LLP
The LLP is liable to the full extent of its assets, but a partner's liability is limited to his agreed contribution.
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: