Question
Which of the following statements about a Limited
Liability Partnership is correct?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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