7 Questions
What is the liability of partners in a Limited Liability Partnership (LLP)?
Limited to their agreed contribution
Is an LLP considered a separate legal entity?
Yes, but with limited liability for partners
What percentage difference in valuation triggers the need for justification by the valuer?
10%
When is a second opinion on valuation required in relation to NPA accounts?
Only for loan values above Rs 50.00 lacs
How old should a valuation report be when fixing the reserve price for sale of property under SARFAESI Act?
Less than 6 months old
Which option correctly describes the liability of an LLP's partners?
Limited to their agreed contribution
When is a second valuation report required for NPA accounts?
For loan values above Rs 1.00 crore
Test your knowledge on the analysis of financial statements in the context of a private limited company and Hindu Undivided Family. Questions include identifying correct statements related to 'Minor' as a partner in a partnership firm.
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