29 Questions
What is the purpose of the certificate issued under clause (b) of sub-section (1)?
To provide conclusive evidence of the LLP's incorporation
How can a document be served on a LLP or its partners?
By sending it by post under a certificate of posting or registered post
What does the Registrar's signature on the certificate authenticate?
The compliance with clause (a) of subsection (1)
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
Which section deals with the Registered Office of an LLP and the procedures for changing it?
Section 13
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
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.
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.
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.
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.
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.
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.
What happens once a limited liability partnership is registered?
All assets and liabilities are transferred to the LLP without any further action needed.
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.
How is a limited liability partnership (LLP) name determined?
Specified in the certificate of registration.
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.
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.
How are tangible and intangible property handled when transferring to an LLP?
They are transferred without further action needed.
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.
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.
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.
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.
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.
What is the liability of partners in a limited liability partnership (LLP)?
Partners are not personally liable towards creditors beyond their agreed contributions.
Under the LLP Act, who are the creditors of the LLP?
Creditors of the LLP alone
Can a creditor claim directly from the partners' personal assets in an LLP?
No, creditors can only claim from the LLP's assets.
What does Section 15 of the LLP Act regulate?
Naming conventions for registered entities
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.
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
Test your knowledge on the interpretation of statutes as outlined in the regulations set by The Institute of Chartered Accountants of India. This quiz covers the acceptance of statements and issuance of certificates by the Registrar in compliance with the regulations.
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