Which of the advantages of LLP states that one partner is not responsible or liable for another partners misconduct or negligence.

Flexible agreement

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Separate legal entity

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Fewer compliance requirements

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Easy to wind-up

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is D Separate legal entity
Separate legal entity of LLP states that one partner is not responsible or liable for another partners misconduct or negligence. Limited Liability Partnership can be defined as form of partnership where the partner or investor's liability is limited to the amount invested in the company.

Suggest Corrections

Similar questions

State True or False. The partners are not liable to repay any debt.

Is it correct to say that the firm is liable to pay interest $@ 6 %$ p.a. on the balance due to retiring or deceased partners' legal heir? Why?

Join BYJU'S Learning Program