New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Penalty for improper use of words "limited liability

    partnership" or "LLP is:
    A 50 thousand rupees Correct Answer Incorrect Answer
    B 50 thousand to 1 lakh rupees Correct Answer Incorrect Answer
    C 55 thousand to 5 lakh rupees Correct Answer Incorrect Answer
    D 50 thousand to 5 lakh rupees Correct Answer Incorrect Answer

    Solution

    LLP Act Section 20. Penalty for improper use of words "limited liability partnership" or "LLP"—If any person or persons carry on business under any name or title of which the words "Limited Liability Partnership" or "LLP" or any contraction or imitation thereof is or are the last word or words, that person or each of those persons shall, unless duly incorporated as limited liability partnership, be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees.

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