1
Question
In order to attract more foreign exchange the Govt of India decided to allow foreign investment in LLP firms. What is full form of "LLP" as used in this reference?
In order to attract more foreign exchange the Govt of India decided to allow foreign investment in LLP firms. What is full form of "LLP" as used in this reference?
Open in App
Solution
The correct option is D Limited Liability Partnership
A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It, therefore, exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct and negligence. This is an important difference from the traditional unlimited partnership under the Partnership Act 1890, in which each partner has joint and several liability.
A Limited Liability Partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It, therefore, exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct and negligence. This is an important difference from the traditional unlimited partnership under the Partnership Act 1890, in which each partner has joint and several liability.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
