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LLP Act Purpose and Functions Quiz
9 Questions
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LLP Act Purpose and Functions Quiz

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@HealthyDaffodil

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Questions and Answers

What is the main purpose of an LLP act?

  • To regulate small businesses
  • To form a limited liability partnership (correct)
  • To establish a corporation
  • To dissolve a limited liability partnership

    • What happens when the LLP act is invoked?

  • The partners become personally liable for debts
  • The partnership gets expanded
  • The partners receive tax benefits
  • The partnership ceases to exist (correct)

    • Which of the following is NOT a function of the LLP act?

  • To regulate the formation and operation of LLPs
  • To specify the rights and duties of partners
  • To provide limited liability to partners
  • To increase partnership liability (correct)

    • What role does the Registrar of Companies play in dissolving an LLP based on the text?

    <p>Approving the dissolution application</p> Signup and view all the answers

    What is the first step to dissolve an LLP as per the text?

    <p>Inform the Registrar of Companies</p> Signup and view all the answers

    Why is it important to notify all partners in writing when dissolving an LLP?

    <p>To inform them of their liabilities post-dissolution</p> Signup and view all the answers

    In the context of ratio and proportion, if 5 apples cost $10, how much will 8 apples cost?

    <p>$16</p> Signup and view all the answers

    If the ratio of boys to girls in a class is 2:3 and there are 30 students in total, how many girls are in the class?

    <p>15</p> Signup and view all the answers

    If it takes 4 painters 6 days to paint a house, how many days will it take for 5 painters to paint the same house?

    <p>8 days</p> Signup and view all the answers

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