What is a Limited Liability Partnership (LLP)?

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

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

SHCIL was established in 1986 under the Government of India as __________ A. Private Ltd B. Public Ltd C. Limited Liability Partnership D. Unlimited company E. None of the Above

Description : SHCIL was established in 1986 under the Government of India as __________ A. Private Ltd B. Public Ltd C. Limited Liability Partnership D. Unlimited company E. None of the Above

Last Answer : B. Public Ltd Explanation: Stock Holding Corporation of India Limited(SHCIL) was established in 1986 under the Government of India as public limited company.

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

In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Last Answer : The answer is '14'

In India, which first bank of limited liability managed by Indians and founded in 1881? -Do You Know?

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -Do You Know?

Last Answer : answer:

In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Last Answer : answer:

Limited Liability Company Worksheet?

Description : Limited Liability Company Worksheet?

Last Answer : Get StartedThere are several types of business entities which can be formed. It is recommended that you read Operating Agreement. This document is similar to a partnership agreement, because it ... not be actively managing the LLC. Consult an attorney or other advisor for further information.

Who can file as a limited liability corporation in California?

Description : Who can file as a limited liability corporation in California?

Last Answer : If you intend to "do business as" a name different from your corporation or LLC name, then you can file as a limited liability corporation in California. Read more at www.sos.ca.gov/business/be/faqs.htm -

What is the benefit of forming a Limited Liability Company, and how would I start the process?

Description : What is the benefit of forming a Limited Liability Company, and how would I start the process?

Last Answer : The main benefit of a Limited liability company is that the owners of the LLC, called "members," are protected from some or all liability for acts and debts of the LLC depending on state shield laws. You would start the process by contacting an attorney.

What are the advantages of being a limited liability company?

Description : What are the advantages of being a limited liability company?

Last Answer : A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.

Where can I apply for limited liability insurance?

Description : Where can I apply for limited liability insurance?

Last Answer : Limited liability insurance can be purchased from many insurance companies. An explanation of limited liability insurance can be explained by a qualified insurance agent.

What are the local laws for starting my own limited liability company?

Description : What are the local laws for starting my own limited liability company?

Last Answer : You can find the laws for starting your own limited liability company by visiting your state's government website and searching for laws and regulations under the business category. You can also go to ... .com and they will help you fill out the proper paperwork for the creation of your company.

Why should you make your small business a limited liability company?

Description : Why should you make your small business a limited liability company?

Last Answer : The move to a limited liability company completely depends on the type of small business they own. For most small businesses, turning into a limited liability business is worthwhile.

Benefits of a Limited Liability Company?

Description : Benefits of a Limited Liability Company?

Last Answer : Business owners shoulder the burdens of costs and taxes. The U.S. tax code is millions of words long. Figuring out which parts of the code apply or do not apply is a herculean task. Small ... a limited liability company or LLC. Under the protection of an LLC, business owners are not personally l

Limited Liability Company; A Viable Alternative?

Description : Limited Liability Company; A Viable Alternative?

Last Answer : A limited liability company, otherwise known as an LLC, is a kind of business that is best described as a hybrid of corporate structure and a lower liability partnership. Limited liability does ... can avoid certain forms of income tax and legal attacks. Limited liability companies, for most inte

Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis of accounting only (B) Financial statements should be prepared according to the accrual basis of accounting only (C) Financial statements should be prepared according to either the cash basis or accrual basis of accounting (D) Financial statements should be prepared according to both the accrual and cash basis of accounting

Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting

Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only

The liability of the shareholders of a public limited company is limited to the extent of– (A) Par value of the share (B) Paid up value of the shares (C) Market price of the shares (D) Intrinsic value of the shares

Description : The liability of the shareholders of a public limited company is limited to the extent of– (A) Par value of the share (B) Paid up value of the shares (C) Market price of the shares (D) Intrinsic value of the shares

Last Answer : Answer: Paid up value of the shares

Which of the following can issue Rupee denominated bonds? A. Real Estate Investment Trusts (REITs) B. Infrastructure Investment Trusts (InvITs) C. Limited Liability Partnerships D. Both (A) and (B) E. None of the Above

Description : Which of the following can issue Rupee denominated bonds? A. Real Estate Investment Trusts (REITs) B. Infrastructure Investment Trusts (InvITs) C. Limited Liability Partnerships D. Both (A) and (B) E. None of the Above

Last Answer : D. Both (A) and (B) Explanation: Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act ... like Limited Liability Partnerships and Partnership firms, etc. are also not eligible to issue these bonds.

Assertion (A) :The liability of share holders in a private limited company is limited to the amount. Reason (R) :The number of share holders of a private limited company is limited to fifty. A. Both A and R are true and R is the correct explanation of A B. Both A and R are true but R is not a correct explanation of A C. A is true but R is false D. A is false but R is true

Description : Assertion (A) :The liability of share holders in a private limited company is limited to the amount. Reason (R) :The number of share holders of a private limited company is limited to fifty. A. Both A and R are ... correct explanation of A C. A is true but R is false D. A is false but R is true

Last Answer : D. A is false but R is true

The liability of members if company is limited by shares A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Description : The liability of members if company is limited by shares A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Last Answer : B. Guarantee amount

The liability of members if company is limited by guarantee. A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Description : The liability of members if company is limited by guarantee. A. Unpaid value of shares B. Guarantee amount C. Unlimited liability D. None of the above

Last Answer : A. Unpaid value of shares

. 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

HSK, an LLP has taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th September 2017 and an amount of rupees 75 lakhs was paid by the insurers to the Managing partner. The amount so received on maturity of the policy a. fully exempt under section 10(10D) b. 50% of rupees 75 lakh is exempt c. rupees 75 lakh is taxable d. rupee 25 lakh is exempt and Rs 50 lakh is taxable

Description : HSK, an LLP has taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th September 2017 and an amount of rupees 75 lakhs was paid by the insurers to the Managing partner ... c. rupees 75 lakh is taxable d. rupee 25 lakh is exempt and Rs 50 lakh is taxable

Last Answer : c. rupees 75 lakh is taxable

In a partnership where one wants to eat junk food and the other doesn't, who should win?

Description : In a partnership where one wants to eat junk food and the other doesn't, who should win?

Last Answer : answer:Simple, in my family whoever does the cooking sets the menu. I try to accommodate the tastes of the rest of the family when I cook, but I have the final say. Same with my sister.

How do you feel about a medical organization having a "partnership" with a soda beverage company?

Description : How do you feel about a medical organization having a "partnership" with a soda beverage company?

Last Answer : The AMA did this a number of years ago. They partnered with Sunbeam, and started hawking their medical supplies (scales, etc.). I dropped my membership at that point, and have never ... reputation of physicians and giving the public more ammunition to prove that doctors are money-grubbers.

Is there a standard revenue that can be expected when making a donation for martketing and partnership building purposes?

Description : Is there a standard revenue that can be expected when making a donation for martketing and partnership building purposes?

Last Answer : Did you mean 36k in new sales, or just $36?

Has anyone had to file taxes as a small business or partnership before?

Description : Has anyone had to file taxes as a small business or partnership before?

Last Answer : I’ve been doing taxes for over 30 years, lots of partnerships, corps, etc. For a first timer, I would recomend taxcut

How strong is democracy with the power of partnership -SST 10th

Description : How strong is democracy with the power of partnership -SST 10th

Last Answer : 'This answer was deleted by our moderators...

Is the registration of partnership business compulsory or compulsory ?

Description : Is the registration of partnership business compulsory or compulsory ?

Last Answer : Registration is not compulsory. However, there are many benefits to registering.

Which team formed the 1st Century Partnership in ODIs ?

Description : Which team formed the 1st Century Partnership in ODIs ?

Last Answer : England in 1st ODI partnership in ODIs.

Which country has 1st Double Century Partnership in ODIs ?

Description : Which country has 1st Double Century Partnership in ODIs ?

Last Answer : West Indies form 1st double century partnership in ODIs.

Where is the 1st Double Century Partnership ?

Description : Where is the 1st Double Century Partnership ?

Last Answer : The 1st Double Century Partnership is in Melbourne.