alleryStart learning →Which statement about an Indian LLP is correct?
AIt is a separate legal entity
BIt has no legal identity
CIt must be audited always
DIt needs minimum capital
Answer & Solution
Correct answer: A. It is a separate legal entity
An LLP is a body corporate and legal entity separate from its partners.
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Related questions
In an LLP, is a partner liable for another partner's unauthorised actions?An LLP partner's liability is limited to what?Which authority registers and controls LLPs in India?What minimum capital is needed to form an LLP?What is the minimum number of members needed to start an LLP?What is the upper limit on partners in an Indian LLP?What does perpetual succession mean for an LLP?Which Act is stated not to apply to Indian LLPs?