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    Question

    Which of the following statements about a Limited

    Liability Partnership is correct?
    A An LLP is a body corporate that is a separate legal entity from its partners Correct Answer Incorrect Answer
    B An LLP does not have perpetual succession Correct Answer Incorrect Answer
    C A change in the partners of an LLP affects its rights, liabilities, and existence Correct Answer Incorrect Answer
    D An LLP is not considered a legal entity separate from its partners Correct Answer Incorrect Answer
    E An LLP is formed under the Companies Act, not the LLP Act Correct Answer Incorrect Answer

    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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