Question

Limited Liability Partnership Act came into effect in the year _______.

• A. $2005$
• B. $2006$
• C. $2007$
• D. $2008$

Answer 1

The correct option is D $2008$

LLP (limited liability partnership), is a new legal entity for business or profession. These may be constituted under the Limited Liability Partnership Act which came in to existence in 2008.

A limited liability partnership is a partnership in which some or all partners have limited liability. In such an LLP, each partner is not responsible or liable for another partners misconduct or negligence.