Which one of the following is a key feature of the limited liability partnership but not a traditional…
Separate legal entity is a distinguishing feature of a limited liability partnership. Section 3 of the Limited Liability Partnership Act, 2008 gives an LLP legal personality…
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Which one of the following is a key feature of the limited liability partnership but not a traditional partnership ?
Answer and explanation
Correct answer C
Separate legal entity is a distinguishing feature of a limited liability partnership. Section 3 of the Limited Liability Partnership Act, 2008 gives an LLP legal personality separate from its partners, whereas a traditional partnership firm is not a separate legal person in the same sense.
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