Which pair consists of entities that each have a legal personality separate from their members?
Question and options
Which pair consists of entities that each have a legal personality separate from their members?
A partnership firm and a company
A limited liability partnership and a company
A Hindu undivided family and a company
A limited liability partnership and a partnership firm
Answer and explanation
Correct answer: B - A limited liability partnership and a company
Section 3(1) of the Limited Liability Partnership Act, 2008 makes an LLP a body corporate with a legal entity separate from its partners, and a company registered under section 9 of the Companies Act, 2013 is likewise a body corporate. A partnership firm under the Indian Partnership Act, 1932 and a Hindu undivided family are not separate legal persons from their members.
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