LLP Act 2008: Limited Liability Partnership Quiz and Flashcards

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Questions and Answers

What is the purpose of the Limited Liability Partnership Act, 2008?

To encourage the formation of large corporations

To abolish all forms of partnerships and promote sole proprietorships

To regulate the formation and functioning of traditional partnerships

To provide guidelines for the formation and regulation of Limited Liability Partnerships (correct)

When was the Limited Liability Partnership Act, 2008 notified by the Ministry of Law and Justice?

9th January, 2009 (correct)

1st February, 2009

7th January, 2009

12th December, 2008

What term is used to refer to the Limited Liability Partnership Act, 2008?

LLP Amendment, 2008

LLP Bill, 2008

LLP Act, 2008 (correct)

LLP Regulation, 2008

What does the LLP Act, 2008 aim to regulate?

Formation and regulation of Limited Liability Partnerships Signup and view all the answers

What did the President of India do on 7th January, 2009 with regards to the LLP Bill?

Assented to the Bill Signup and view all the answers

What is the scope of the LLP Act, 2008?

Formation and regulation of Limited Liability Partnerships Signup and view all the answers

What is the total number of sections in the LLP Act, 2008 after the omission of section 81?

80 Signup and view all the answers

Which schedule of the LLP Act, 2008 deals with the mutual rights and duties of partners and limited liability partnership in the absence of a formal agreement?

First Schedule Signup and view all the answers

Who is entrusted with the task of administrating the LLP Act, 2008?

Ministry of Corporate Affairs and the Registrar of Companies (ROC) Signup and view all the answers

What authority does the Central Government have with regard to the LLP Act, 2008?

Frame the Rules and amend them by notifications in the Official Gazette Signup and view all the answers

What is the main purpose of creating the Limited Liability Partnership as mentioned in the text?

To provide an alternative to traditional partnership and limited liability company Signup and view all the answers

What kind of vehicles is the LLP form suitable for?

Small enterprises and ventures capital investments Signup and view all the answers

What does LLP stand for?

Limited Liability Partnership Signup and view all the answers

What is the purpose of the Fourth Schedule in the LLP Act, 2008?

Conversion of an unlisted public company into LLP Signup and view all the answers

What was the main reason for enacting the LLP Act, 2008?

To establish a new form of legal business entity with limited liability Signup and view all the answers

What is the role of the Ministry of Corporate Affairs and the Registrar of Companies (ROC) with regard to the LLP Act, 2008?

Administering the LLP Act, 2008 Signup and view all the answers

What is NOT applicable to Limited Liability Partnerships (LLPs)?

The Indian Partnership Act, 1932 Signup and view all the answers

Why was there a need for creating a new form of business organization like LLP?

To provide an alternative to traditional partnerships Signup and view all the answers

What is the main focus of the Limited Liability Partnership Act, 2008?

Facilitating the formation and regulation of Limited Liability Partnerships Signup and view all the answers

What was the significance of the President of India's assent to the LLP Bill on 7th January, 2009?

It made the LLP Act, 2008 applicable to the whole of India Signup and view all the answers

What is the purpose of the Limited Liability Partnership Act, 2008 as per the text?

To regulate the formation and functioning of Limited Liability Partnerships Signup and view all the answers

Which entity is responsible for the enactment of the Limited Liability Partnership Act, 2008?

The Parliament of India Signup and view all the answers

What area does the Limited Liability Partnership Act, 2008 primarily cover?

Regulation and formation of Limited Liability Partnerships Signup and view all the answers

Study Notes

Overview of Limited Liability Partnership Act, 2008

The Limited Liability Partnership Act, 2008 is a legislation that aims to regulate Limited Liability Partnerships (LLPs) in India.
The Act was notified by the Ministry of Law and Justice on 31st March, 2009.
The LLP Act, 2008 is also referred to as the LLP Act.

Key Provisions and Scope

The LLP Act, 2008 aims to regulate the formation, operation, and winding up of LLPs.
The Act has a scope that extends to the whole of India.
The LLP Act, 2008 consists of a total of 81 sections, excluding section 81 which was omitted.

Administration and Governance

The Central Government is entrusted with the task of administrating the LLP Act, 2008.
The Central Government has the authority to make rules and regulations under the LLP Act, 2008.
The Ministry of Corporate Affairs and the Registrar of Companies (ROC) are responsible for the administration and enforcement of the LLP Act, 2008.

Purpose and Features

The main purpose of creating the Limited Liability Partnership (LLP) is to provide a form of business organization that is flexible, scalable, and has limited liability.
The LLP form is suitable for venture capitalists, private equity, and other investors.
LLP stands for Limited Liability Partnership.
The Fourth Schedule of the LLP Act, 2008 deals with the mutual rights and duties of partners and limited liability partnership in the absence of a formal agreement.

Enactment and Significance

The LLP Act, 2008 was enacted to provide a new form of business organization that is a hybrid of companies and partnerships.
The main reason for enacting the LLP Act, 2008 was to provide a form of business organization that is more flexible and scalable than traditional partnerships.
The President of India's assent to the LLP Bill on 7th January, 2009 was a significant milestone in the enactment of the LLP Act, 2008.
The LLP Act, 2008 is primarily focused on the regulation of LLPs in India.
The entity responsible for the enactment of the Limited Liability Partnership Act, 2008 is the Parliament of India.
The Limited Liability Partnership Act, 2008 primarily covers the area of business organization and partnerships.

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Test your understanding of the Limited Liability Partnership Act, 2008. Learn about the meaning of 'Limited Liability Partnership', its incorporation, partner relations, financial disclosures, conversions, winding up, and dissolution. Differentiate between LLP and other forms of organizations.

Chapter 12: Limited Liability Partnership Act, 2008