Interpretation of Statutes in Chartered Accountancy
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Questions and Answers

What is the purpose of the certificate issued under clause (b) of sub-section (1)?

  • To verify that all communications and notices are received by the LLP
  • To serve as evidence of the LLP's registered office location
  • To authenticate the name under which the LLP is incorporated
  • To provide conclusive evidence of the LLP's incorporation (correct)

How can a document be served on a LLP or its partners?

  • By hand delivering it to the LLP's registered office
  • By verbally communicating the document to the LLP's partners
  • By sending it through email
  • By sending it by post under a certificate of posting or registered post (correct)

What does the Registrar's signature on the certificate authenticate?

  • The LLP's registered office location
  • The compliance with clause (a) of subsection (1) (correct)
  • The certificate's date of issue
  • The authenticity of the LLP's name

What happens if an LLP changes its registered office without filing the required notice with the Registrar?

<p>The LLP and its partners will face a penalty (C)</p> Signup and view all the answers

Which section deals with the Registered Office of an LLP and the procedures for changing it?

<p>Section 13 (A)</p> Signup and view all the answers

What must be done for a change in an LLP's registered office to take effect?

<p>Filing the notice of change with the Registrar as prescribed (A)</p> Signup and view all the answers

What is the extent of liability of a partner in a Limited Liability Partnership (LLP) as per Section 28?

<p>A partner is only liable for obligations caused by his own wrongful acts. (C)</p> Signup and view all the answers

Under what circumstances is a Limited Liability Partnership (LLP) bound by actions of a partner, according to Section 27?

<p>When the partner acts without authority and the other party is unaware of this fact. (C)</p> Signup and view all the answers

In a Limited Liability Partnership (LLP), who is considered as the agent of the LLP?

<p>Each partner is an agent for the business of the LLP but not for other partners. (A)</p> Signup and view all the answers

What could make a Limited Liability Partnership (LLP) not liable for a partner's actions as per Section 27?

<p>The partner acted without any authority from the LLP. (D)</p> Signup and view all the answers

What defines the liabilities of a Limited Liability Partnership (LLP) according to the text?

<p>The liabilities of a LLP are solely the obligations of the LLP itself. (A)</p> Signup and view all the answers

How does Section 28 affect the personal liability of partners in a Limited Liability Partnership (LLP)?

<p>Partners are only personally liable for their own wrongful acts. (D)</p> Signup and view all the answers

What happens once a limited liability partnership is registered?

<p>All assets and liabilities are transferred to the LLP without any further action needed. (D)</p> Signup and view all the answers

What does the establishment of a place of business by a foreign LLP in India involve?

<p>Incorporating provisions of the Companies Act, 2013 with modifications. (A)</p> Signup and view all the answers

How is a limited liability partnership (LLP) name determined?

<p>Specified in the certificate of registration. (D)</p> Signup and view all the answers

What is the consequence for a firm or company after its registration as an LLP?

<p>It ceases to exist and is removed from the registrar's records. (D)</p> Signup and view all the answers

What does the provision for foreign LLPs establishing a place of business in India allow for?

<p>Application of appropriate provisions with modifications from the Companies Act, 2013. (C)</p> Signup and view all the answers

How are tangible and intangible property handled when transferring to an LLP?

<p>They are transferred without further action needed. (D)</p> Signup and view all the answers

Who can apply for a meeting of creditors or partners in the case of a compromise or arrangement involving a limited liability partnership?

<p>Creditors or partners of the limited liability partnership, or the liquidator in cases of winding up. (C)</p> Signup and view all the answers

In what situations can a compromise or arrangement be proposed for a limited liability partnership?

<p>Between the limited liability partnership and its creditors or partners. (B)</p> Signup and view all the answers

Who has the authority to order a meeting of creditors or partners in relation to a compromise or arrangement for a limited liability partnership?

<p>The Tribunal, upon application from the limited liability partnership, creditors, partners, or liquidator in winding up cases. (D)</p> Signup and view all the answers

What is the primary purpose of calling a meeting of creditors or partners in cases of compromise or arrangement for a limited liability partnership?

<p>To vote on the proposed compromise or arrangement. (A)</p> Signup and view all the answers

When can a meeting of creditors be ordered by the Tribunal for a limited liability partnership?

<p>Upon application from the limited liability partnership, any creditor, any partner, or the liquidator in cases of winding up. (A)</p> Signup and view all the answers

What is the liability of partners in a limited liability partnership (LLP)?

<p>Partners are not personally liable towards creditors beyond their agreed contributions. (D)</p> Signup and view all the answers

Under the LLP Act, who are the creditors of the LLP?

<p>Creditors of the LLP alone (B)</p> Signup and view all the answers

Can a creditor claim directly from the partners' personal assets in an LLP?

<p>No, creditors can only claim from the LLP's assets. (C)</p> Signup and view all the answers

What does Section 15 of the LLP Act regulate?

<p>Naming conventions for registered entities (D)</p> Signup and view all the answers

Can Mr. Mudit claim his deficiency of `3,00,000 from the partners of Devi Ram Food Circle LLP?

<p>No, partners are not personally liable for such claims. (A)</p> Signup and view all the answers

What is the consequence if an LLP is registered with an identical name to another entity?

<p>Central Government may deem it undesirable or too similar and reject registration (A)</p> Signup and view all the answers

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