Which of the following statement/s is/are NOT correct about Limited Liability Partnership (LLP)?
i. LLP is a not a separate legal entity from its partners
ii. It is a corporate body with perpetual succession
iii. Internal governance can be decided by mutual agreements among the partners
iv LLP can maximum have 20 partners
LLP is a body corporate and a legal entity separate from its partners. The Limited Liability Partnership Act 2008 has been notified with effect from 31 March 2009. In an LLP each member is protected from personal liability, except to the extent of their capital contribution in the LLP. Indian Partnership Act, 1932 is not applicable to LLPs and there is no upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners cannot exceed 20.
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