Limited Liability Partnership

Limited Liability Partnership Act, 2008 Question 1.Briefly explain the difference between Partnership and Co-ownership. (June 2014, 4 marks)Answer:Difference between Partnership and Co-ownership. Basis of Distinction Partnership Co-ownership 1. Agreement It arises from an agreement. It may or may not arise from an agreement. 2. Business It is formed to carry on a business. It may […]

Partnership and LLP Accounts Which document is created to outline the rights and duties of partners?a) Memorandum of Associationb) Articles of Associationc) Partnership Deed d) LLP Agreement In the absence of a partnership deed, partners share profits and losses:a) Equally b) In capital ratioc) Based on aged) Based on experience Which account is not prepared […]

Limited Liability Partnership Act, 2008 – CA Foundation Business Law Study Material Question 1.What is meant by Limited Liability Partnership? What are its salient features/characteristics?Answer:An LLP is a new form of legal business entity with limited liability. It is a separate legal entity where LLP itself is liable to the third parties up to the […]