Question
Under Section 30 of the Limited Liability Partnership
Act, 2008, which of the following correctly describes the liability of partners in case of fraud?Solution
Explanation: Ā One of the most important exceptions to the principle of limited liability in an LLP is contained inĀ Section 30 of the LLP Act, 2008 . While partners of an LLP generally enjoy limited liability (i.e., their personal assets are protected and liability is limited to their agreed contribution),Ā this protection is lifted in cases of fraud . If it is found that the business of the LLP was carried on with intent to defraud creditors or for any fraudulent purpose, the partners who knowingly participated in such conduct becomeĀ personally liable without any limit Ā for all or any of the debts or obligations of the LLP.
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