Question

Limited liability partnership posses not more than $2$ of the following character.
$1$. Limited liability
$2$. Raise funds from public
$3$. No separation of management from owners
$4$. No Restriction on number of partners

• A. $2\&4$
• B. $1\&2$
• C. $1\&3$
• D. $1\&4$

Answer 1

The correct option is B $1\&2$

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.