Question

Which of the following is/ are advantages of LLP?

• A. Personal assets of the partners are liable in all cases
• B. Much more difficult to dissolve or wind-up
• C. No requirement to maintain statutory records excepts books of account
• D. All of above

Answer 1

The correct option is C No requirement to maintain statutory records excepts books of account

LLP stands for Limited liability partnership which refers to a company form of business where the only the partners contribute in the capital and their liability remains limited to the extent of their capital contribution in the business. In this form of business, there is no requirement to maintain statutory records but books to accounts is compulsory.