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LLP Act

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Questions and Answers

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?

7th January, 2007

7th January, 2009

12th December, 2008 (correct)

9th January, 2007

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?

The Limited Liability Partnership Act, 2008 Signup and view all the answers

What does the Limited Liability Partnership Act, 2008 differentiate between?

Limited Liability Partnership and other forms of organization Signup and view all the answers

What is the main focus of the Limited Liability Partnership Act, 2008?

Incorporation of LLP and its financial disclosures Signup and view all the answers

What is a key advantage of a Limited Liability Partnership (LLP)?

Limited liability for partners' debts Signup and view all the answers

When was the Limited Liability Partnership Bill passed by the Parliament?

12th December, 2008 Signup and view all the answers

What does the Limited Liability Partnership Act, 2008 differentiate between?

Limited Liability Partnership and other forms of organisation Signup and view all the answers

What did the Ministry of Law and Justice notify on 9th January 2007?

The Limited Liability Partnership Act, 2008 Signup and view all the answers

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.