Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the liability of partners in a Limited Liability Partnership (LLP)?
What is the liability of partners in a Limited Liability Partnership (LLP)?
- Unlimited
- Limited to their agreed contribution (correct)
- Limited to the assets of the LLP
- None of the above
Is an LLP considered a separate legal entity?
Is an LLP considered a separate legal entity?
- No, it depends on the situation
- No, never
- Yes, but with limited liability for partners (correct)
- Yes, always
What percentage difference in valuation triggers the need for justification by the valuer?
What percentage difference in valuation triggers the need for justification by the valuer?
- 15%
- 10% (correct)
- 20%
- 5%
When is a second opinion on valuation required in relation to NPA accounts?
When is a second opinion on valuation required in relation to NPA accounts?
Signup and view all the answers
How old should a valuation report be when fixing the reserve price for sale of property under SARFAESI Act?
How old should a valuation report be when fixing the reserve price for sale of property under SARFAESI Act?
Signup and view all the answers
Which option correctly describes the liability of an LLP's partners?
Which option correctly describes the liability of an LLP's partners?
Signup and view all the answers
When is a second valuation report required for NPA accounts?
When is a second valuation report required for NPA accounts?
Signup and view all the answers
