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Mutual rights and duties of partners in an LLP are governed by the LLP agreement; in the absence of such an agreement, they are governed by:
AThe Indian Partnership Act, 1932
BCustom of trade
CThe Companies Act, 2013
DThe First Schedule to the LLP Act, 2008
Answer & Solution
Correct answer: D. The First Schedule to the LLP Act, 2008
Where there is no LLP agreement, the First Schedule to the LLP Act, 2008 governs the mutual rights and duties of the partners and the LLP.
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