Podcast
Questions and Answers
What is the main focus of the Limited Liability Partnership Act, 2008?
What is the main focus of the Limited Liability Partnership Act, 2008?
- Corporate governance and ethics
- Labour laws and regulations
- Intellectual property rights
- Incorporation, partners and their relations, financial disclosures, conversions, winding up and dissolution (correct)
When was the Limited Liability Partnership Bill passed by the Parliament?
When was the Limited Liability Partnership Bill passed by the Parliament?
- 7th January, 2007
- 7th January, 2009
- 12th December, 2008 (correct)
- 9th January, 2007
What is a key advantage of a Limited Liability Partnership (LLP)?
What is a key advantage of a Limited Liability Partnership (LLP)?
- Unlimited liability for the partners
- Complex taxation structure
- Lack of legal recognition
- Limited liability for the partners (correct)
What did the Ministry of Law and Justice notify on 9th January 2007?
What did the Ministry of Law and Justice notify on 9th January 2007?
What does the Limited Liability Partnership Act, 2008 differentiate between?
What does the Limited Liability Partnership Act, 2008 differentiate between?
What is the main focus of the Limited Liability Partnership Act, 2008?
What is the main focus of the Limited Liability Partnership Act, 2008?
What is a key advantage of a Limited Liability Partnership (LLP)?
What is a key advantage of a Limited Liability Partnership (LLP)?
When was the Limited Liability Partnership Bill passed by the Parliament?
When was the Limited Liability Partnership Bill passed by the Parliament?
What does the Limited Liability Partnership Act, 2008 differentiate between?
What does the Limited Liability Partnership Act, 2008 differentiate between?
What did the Ministry of Law and Justice notify on 9th January 2007?
What did the Ministry of Law and Justice notify on 9th January 2007?
Study Notes
Limited Liability Partnership Act, 2008
- The main focus of the Limited Liability Partnership Act, 2008 is to provide a new form of business entity that combines the benefits of a partnership with the advantages of limited liability.
- The Limited Liability Partnership Bill was passed by the Parliament in December 2006.
- A key advantage of a Limited Liability Partnership (LLP) is that it provides a shield of limited liability to its partners, while also allowing them to organize their internal structure as a partnership.
- The Ministry of Law and Justice notified the Limited Liability Partnership Rules, 2009 on 9th January 2007.
- The Limited Liability Partnership Act, 2008 differentiates between a "partner" and a "designated partner", with the latter having additional responsibilities and liabilities.
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Description
Test your knowledge of the Limited Liability Partnership Act, 2008 with this quiz. Assess your understanding of the meaning, incorporation, partners' relations, financial disclosures, conversions, winding up, and dissolution of LLPs. Differentiate between 'Limited Liability Partnership' and other business structures.
