Which of the following is NOT correct about the nature of limited liability partnership?
A limited liability partnership under the LLP Act, 2008 is a body corporate, a legal entity separate from its partners and enjoys perpetual succession, but its partners have…
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Which of the following is NOT correct about the nature of limited liability partnership?
Answer and explanation
Correct answer D
A limited liability partnership under the LLP Act, 2008 is a body corporate, a legal entity separate from its partners and enjoys perpetual succession, but its partners have limited liability, so "It follows the principle of unlimited liability" is incorrect.
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