Answer-Under Section 4 of the Limited Liability Partnership (LLP) Act, 2008, what is the legal relationship...

Correct Answer 2 The LLP Act, 2008, was specifically designed to provide the benefits of a corporate body limited liability and perpetual succession while retaining the flexibility of a partnership. To maintain this corporate nature, it was necessary to legally decouple it from the old partnership law.

Question

Under Section 4 of the Limited Liability Partnership (LL

P Act, 2008, what is the legal relationship between the provisions of the Indian Partnership Act, 1932, and an LLP?

A The Indian Partnership Act, 1932, applies to LLPs unless a specific agreement states otherwise.

B The provisions of the Indian Partnership Act, 1932, shall not apply to a limited liability partnership.

C The Indian Partnership Act applies only to the 'Designated Partners' of the LLP.

D The Central Government may, by notification, make the Indian Partnership Act applicable to LLPs.

E Provisions of the Indian Partnership Act apply to LLPs only for the purpose of taxation.

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Under Section 4 of the Limited Liability Partnership (LL

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