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The lesson introduces Limited Liability Partnership as a hybrid vehicle giving partners limited liability while preserving internal flexibility. In which year was the governing LLP Act enacted in India?
Answer & Solution
Correct answer: D.
1. The lesson identifies the Limited Liability Partnership Act, 2008 as the governing statute.
2. The Indian Partnership Act, 1932 governs general partnerships, not LLPs.
3. The Companies Act, 2013 governs companies including OPCs and Section 8 entities.
4. The MSMED Act, 2006 deals with MSME classification, not LLPs.
_Source: ICSI CS Executive Paper 3 (Setting up of Business Entities and Closure) — Lesson 1: Choice of Business Organisation, pp. 2-11._
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