Question

Which of the following enjoys separate legal entity status?

• A. Partnership Firms
• B. LLP
• C. Company
• D. Both b and c

Answer 1

The correct option is D Both b and c

Separate Legal Entity:

A company and LLP becomes a separate legal entity as compared to its members and partners. The company and LLP is distinct and different from its members and partners in law. It has its own seal and its own name, its assets and liabilities are separate and distinct from those of its members. It is capable of owning property, incurring debt, and borrowing money, employing people, having a bank account, entering into contracts and suing and being sued separately.