Which of the following is/are NOT true about limited liability Partnership ? A. It is a body corporate…
Section 3 of the Limited Liability Partnership Act, 2008 declares that an LLP is a body corporate, a legal entity separate from its partners, has perpetual succession, and…
Choose your answer
Which of the following is/are NOT true about limited liability Partnership ?
A. It is a body corporate
B. It is a legal entity separate from that of its partners
C. It has perpetual succession
D. Any change in the partners of a limited liability partnership shall affect the existence, rights and liabilities of this partnership
Answer and explanation
Correct answer D
Section 3 of the Limited Liability Partnership Act, 2008 declares that an LLP is a body corporate, a legal entity separate from its partners, has perpetual succession, and that any change in its partners shall not affect its existence, rights or liabilities, so the untrue statement is "D only".
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