Question

Limited liability partnership possesses 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 and 4
• B. 1 and 2
• C. 1 and 3
• D. 1 and 4

Answer 1

Answer: (B)

1 and 2

Limited liability company is a partnership in which some or all partners have limited liability. There is no restriction on number of partners to enter in this firm. Hence, it possess 2 characteristics:

1. Limited liability.
2. Raise funds from public.