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    Question

    As per the LLP Act any change in the partners of a

    limited liability partnership _____________
    A Shall affect the existence, rights or liabilities of the limited liability partnership Correct Answer Incorrect Answer
    B Shall not affect the existence, rights or liabilities of the limited liability partnership Correct Answer Incorrect Answer
    C May affect the existence, rights or liabilities of the limited liability partnership Correct Answer Incorrect Answer
    D Shall not affect its existence but rights or liabilities of the limited liability partnership shall be affected Correct Answer Incorrect Answer
    E Might affect the existence, rights or liabilities of the limited liability partnership depending on the terms of the agreement Correct Answer Incorrect Answer

    Solution

    Section 3. Limited liability partnership to be body corporate: (1) A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. (2) A limited liability partnership shall have perpetual succession. (3) Any change in the partners of a limited liability partnership shall not affect the existence, rights or liabilities of the limited liability partnership. 

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