New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Which of the following features  is not found in an

    LLP?
    A A body corporate Correct Answer Incorrect Answer
    B Legal entity separate from its partners Correct Answer Incorrect Answer
    C Change in partners of LLP shall not affect rights of LLP Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer

    Solution

    LLP Act 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

    Practice Next