Interpretation of Statutes in Chartered Accountancy

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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?

The LLP and its partners will face a penalty Signup and view all the answers

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

Section 13 Signup and view all the answers

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

Filing the notice of change with the Registrar as prescribed 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?

A partner is only liable for obligations caused by his own wrongful acts. 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?

When the partner acts without authority and the other party is unaware of this fact. Signup and view all the answers

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

Each partner is an agent for the business of the LLP but not for other partners. 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?

The partner acted without any authority from the LLP. Signup and view all the answers

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

The liabilities of a LLP are solely the obligations of the LLP itself. Signup and view all the answers

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

Partners are only personally liable for their own wrongful acts. Signup and view all the answers

What happens once a limited liability partnership is registered?

All assets and liabilities are transferred to the LLP without any further action needed. Signup and view all the answers

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

Incorporating provisions of the Companies Act, 2013 with modifications. Signup and view all the answers

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

Specified in the certificate of registration. Signup and view all the answers

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

It ceases to exist and is removed from the registrar's records. Signup and view all the answers

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

Application of appropriate provisions with modifications from the Companies Act, 2013. Signup and view all the answers

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

They are transferred without further action needed. 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?

Creditors or partners of the limited liability partnership, or the liquidator in cases of winding up. Signup and view all the answers

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

Between the limited liability partnership and its creditors or partners. 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?

The Tribunal, upon application from the limited liability partnership, creditors, partners, or liquidator in winding up cases. 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?

To vote on the proposed compromise or arrangement. Signup and view all the answers

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

Upon application from the limited liability partnership, any creditor, any partner, or the liquidator in cases of winding up. Signup and view all the answers

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

Partners are not personally liable towards creditors beyond their agreed contributions. Signup and view all the answers

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

Creditors of the LLP alone Signup and view all the answers

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

No, creditors can only claim from the LLP's assets. Signup and view all the answers

What does Section 15 of the LLP Act regulate?

Naming conventions for registered entities 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?

No, partners are not personally liable for such claims. Signup and view all the answers

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

Central Government may deem it undesirable or too similar and reject registration Signup and view all the answers