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Questions and Answers
Which of the following is NOT a requirement to start a business in India?
Which of the following is NOT a requirement to start a business in India?
- Registering the business with the Registrar of Companies
- Obtaining a Permanent Account Number (PAN) from the Income Tax Department
- Owning property in India (correct)
- Obtaining a Goods and Services Tax (GST) registration
What is the maximum number of partners allowed in a partnership firm in India?
What is the maximum number of partners allowed in a partnership firm in India?
- 10
- 20
- 15
- 5 (correct)
Which of the following is a benefit of registering a business as a Limited Liability Partnership (LLP) in India?
Which of the following is a benefit of registering a business as a Limited Liability Partnership (LLP) in India?
- No need to file annual returns
- No requirement for a registered office
- Limited liability for the partners (correct)
- Unlimited liability for the partners
Which type of business entity in India provides limited liability to its owners?
Which type of business entity in India provides limited liability to its owners?
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What is the minimum number of partners required to start a Limited Liability Partnership (LLP) in India?
What is the minimum number of partners required to start a Limited Liability Partnership (LLP) in India?
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What is the most common type of business entity in India?
What is the most common type of business entity in India?
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