Q: 76 (IAS/2010)
question_subject:
Economics
question_exam:
IAS
stats:
0,29,56,29,18,16,22
keywords:
{'partnership': [0, 0, 1, 0], 'mutual agreement': [0, 0, 1, 0], 'partners': [0, 0, 1, 1], 'corporate body': [0, 0, 1, 1], 'internal governance': [0, 0, 1, 0], 'management': [2, 0, 4, 9], 'perpetual succession': [0, 0, 1, 0]}
None of the given options is not a feature of a Limited Liability Partnership (LLP) firm.
The correct option should be "All of the given options are features of Ltd. Liability Partnership firm".
The main features of LLP firm are:
- It has a separate legal entity from its partners
- The liability of partners is limited to their contribution in the firm
- Partnership and management are separate
- There is no limit on the number of partners
- The internal governance of the firm may be decided by mutual agreement among partners
- It is a corporate body with perpetual succession
- It has the flexibility of a partnership and the advantages of a company