Every Limited Liability Partnership must have at least two partners but there is no
maximum limit on the numbers of partners.

1 Answer

Answer :

TRUE

Related questions

Description : At least of the designated partners of every limited liability partnership shall be a resident in India. a) One b) Two c) Three d) Seven

Last Answer : c) Three

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Last Answer : FALSE

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Last Answer : FALSE

Description : LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013

Last Answer : c) Limited Liability Partnership Act , 2008

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

Description : . The maximum number of partners LLP can have is a) 7 partners b) 50 partners c) 2 partners d) No limit

Last Answer : d) No limit

Description : The underwriters may be individuals , partnership firms or joint stock companies.

Last Answer : TRUE

Description : LLP should have minimum a) 7 partners b) 2 partners c) 50 partners d) 3 partners

Last Answer : b) 2 partners

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

Description : Liability for compensation under Workmen’s Compensation Act is treated a) Secured creditor b) Preferential creditor c) Over – riding preferential creditor d) Unsecured creditor

Last Answer : Over – riding preferential creditor

Description : A past member is not liable to make a contribution if liability was contracted after he ceased to be a member.

Last Answer : TRUE

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Last Answer : Closing

Description : ___________ value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm‟s length transaction.

Last Answer : Fair,

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the __________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Last Answer : Closing

Description : Exchange rate is the rate at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Last Answer : FALSE

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Last Answer : (A) Realisation Account

Description : Every partner is required to contribute towards the LLP in some manner as specified in LLP agreement.

Last Answer : TRUE

Description : Every partner is required to contribute towards the LLP in some manner as specified in LLP agreement.

Last Answer : TRUE

Description : LLP must Maintain books of accounts on accrual basis.

Last Answer : FALSE

Description : LLP must Maintain books of accounts on accrual basis.

Last Answer : FALSE

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Last Answer : (A) Both companies lose their existence

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Last Answer : (A) Amalgamation

Description : In amalgamation of companies there are two or more liquidation and one formation.

Last Answer : TRUE

Description : Two or more companies combining to form a new company is called absorption.

Last Answer : False

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