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Question
The Limited Liability Partnership Act, came into force from(year) __________.
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Solution
The correct option is B 2008
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of a LLP shall not affect the existence, rights or liabilities of the LLP.LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.[2] LLP is a legal entity partnership act.
- Separate Legal Entity- Continue its existence irrespective of changes in partners,
- LLP itself can enter into contracts and hold properties,
- Partners' Liability limited to the agreed contribution,
- Professional & Non-professional (Businessmen), both can set up LLP.
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of a LLP shall not affect the existence, rights or liabilities of the LLP.
LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.[2] LLP is a legal entity partnership act.
- Separate Legal Entity- Continue its existence irrespective of changes in partners,
- LLP itself can enter into contracts and hold properties,
- Partners' Liability limited to the agreed contribution,
- Professional & Non-professional (Businessmen), both can set up LLP.
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