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प्रश्न
Answer in brief.
How is LLP different from a partnership firm?
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उत्तर
The difference between limited liability partnership (LLP) and a partnership firm.
(1) A Limited Liability Partnership is governed by the Limited Liability Partnership Act, 2008, whereas Partnership Firm is governed by the Partnership Act 1932.
(2) In LLP all partners have limited liability. It means that the personal property of the partners cannot be attached or used for paying off the debts and liabilities of the LLB However, in Partnership firm the liability of partners is unlimited and it is joint and several. It means in the case of insolvency. Of the firm personal property of the partners are attached and used to pay off the debts of the firm
(3) In LLP minimum number of partners is 2 and there is no limit on the maximum number of partners. While in Partnership firm minimum number of partners is 2 and the case of general business, the maximum number of partners is 50.
(4) LLP has separate legal status distinct from its members, i.e. a body corporate. Whereas the partnership firm has no separate legal status distinct from its members. There is no distinction between partners and their firms.
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संबंधित प्रश्न
Select the correct answer from the options given below and rewrite the statement.
Indian Partnership Act was passed in the year ________
Select the correct answer from the options given below and rewrite the statement.
The liability of shareholders in the public limited joint stock company is ________
Match the pairs:
| Group ‘A’ | Group ‘B’ |
| a) Sole Trading concern | 1) 1932 |
| b) Joint Hindu Family Business | 2) Partner |
| c) Partnership Act | 3) Artificial person |
| d) Joint Stock Company | 4) 1923 |
| e) Co-operative Society | 5) Karta |
| 6) Natural person | |
| 7) Single Ownership | |
| 8) Equal voting rights | |
| 9) Multiple ownership | |
| 10) Minimum 9 members |
Write a word or a term or a phrase which can substitute the following statement.
A person who purchases shares of Joint Stock Company.
Write a word or a term or a phrase which can substitute the following statement.
Name a company that is created by a special legislation of parliament or state assembly.
State whether the following statement is True or False.
A joint stock company is a formal form of business organization.
State whether the following statement is True or False.
A joint stock company has long and stable life.
Complete the sentence.
A company which is incorporated under a special Act is called as ________
Complete the sentence.
A Company which has only one member is called as ______.
Select the correct option form the bracket.
| Group ‘A’ | Group ‘B’ |
| Private company | ___________ |
Select the correct option form the bracket.
| Group ‘A’ | Group ‘B’ |
| ___________ | Member have unlimited liability |
Select the correct option form the bracket.
| Group ‘A’ | Group ‘B’ |
| Incorporated Outside India | ______________ |
Answer the following question:
Define a ‘company’. Explain the types of companies on the basis of the liability of members.
Answer the following question:
Explain any four types of companies.
Write a word or a term or a phrase which can substitute the following statement.
The members of Joint Hindu Family Business.
Write a word or a term or a phrase which can substitute the following statement.
The members of Joint Hindu Family Business.
Write a word or a term or a phrase which can substitute in the following statement.
The members of Joint Hindu Family Business.
Write a word or a term or a phrase which can substitute the following statement.
The members of Joint Hindu Family Business.
