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

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

1 Answer

Answer :

c) Limited Liability Partnership Act , 2008
by

Related questions

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

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

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

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

Last Answer : FALSE

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

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

Last Answer : TRUE

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

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

Last Answer : TRUE

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

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

Last Answer : FALSE

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

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

Last Answer : TRUE

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

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

Last Answer : FALSE

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

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

Last Answer : FALSE

Amalgamation of companies is governed by - (A) AS -14 (B) AS-11 (C) AS- 13 (D) AS-9

Description : Amalgamation of companies is governed by - (A) AS -14 (B) AS-11 (C) AS- 13 (D) AS-9

Last Answer : (A) AS -14

Amalgamation of companies is governed by AS 13.

Description : Amalgamation of companies is governed by AS 13.

Last Answer : FALSE

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

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

Last Answer : TRUE

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

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

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

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

Last Answer : b) 2 partners

Insolvency of a partner of LLP automatically results in its dissolution.

Description : Insolvency of a partner of LLP automatically results in its dissolution.

Last Answer : Insolvency of a partner of LLP automatically results in its dissolution.

Company incorporated outside India can become a partner in a LLP.

Description : Company incorporated outside India can become a partner in a LLP.

Last Answer : TRUE

LLP must Maintain books of accounts on accrual basis.

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

Last Answer : FALSE

LLP can raise money from the public.

Description : LLP can raise money from the public.

Last Answer : FALSE

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

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

Last Answer : TRUE

Insolvency of a partner of LLP automatically results in its dissolution.

Description : Insolvency of a partner of LLP automatically results in its dissolution.

Last Answer : TRUE

Company incorporated outside India can become a partner in a LLP.

Description : Company incorporated outside India can become a partner in a LLP.

Last Answer : TRUE

LLP must Maintain books of accounts on accrual basis.

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

Last Answer : FALSE

LLP can raise money from the public.

Description : LLP can raise money from the public.

Last Answer : FALSE

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

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

Last Answer : TRUE

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

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GSTN comes under which Act? (A) Banking Regulation Act 1949 (B) RBI Act 1934 (C) Indian Partnership Act, 1932 (D) Companies Act, 2013 (Ans : D) 45. Combined Stake of Central and State Government in GSTN is– (A) 20% (B) 25% (C) 49% (D) 51%

Description : GSTN comes under which Act? (A) Banking Regulation Act 1949 (B) RBI Act 1934 (C) Indian Partnership Act, 1932 (D) Companies Act, 2013 (Ans : D) 45. Combined Stake of Central and State Government in GSTN is– (A) 20% (B) 25% (C) 49% (D) 51%

Last Answer : (C) 49%

What is a Limited Liability Partnership (LLP)?

Description : What is a Limited Liability Partnership (LLP)?

Last Answer : What is a Limited Liability Partnership (LLP)?

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

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

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

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

Last Answer : Closing

___________ 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.

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,

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

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Last Answer : Closing

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.

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

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

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Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930

Description : Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930

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Both of the old companies will not exist in ........... (A) Internal reconstruction (B) Absorption (C) External reconstruction (D) Amalgamation

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