Question

    Which of the following statement is not true about

    liability in case of Partnership/ LLP?
    A Partnership firm has a limited liability Correct Answer Incorrect Answer
    B LLP has an unlimited liability Correct Answer Incorrect Answer
    C both A and B Correct Answer Incorrect Answer
    D Liability is limited to the contributions in case of an LLP. Correct Answer Incorrect Answer
    E All of the above are not true. Correct Answer Incorrect Answer

    Solution

    In a partnership firm the liability of partners is unlimited and in case of an LLP, the liability is limited to the contributions of the partners in the LLP.

    Practice Next