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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.
The head of Joint Hindu Family Business is called as_____
Select the correct answer from the options given below and rewrite the statement.
The ______ is/are elected representative of shareholders who manage affairs of company.
Match the pairs:
| Group ‘A’ | Group ‘B’ |
| a) Private company | 1) 51% share capital held by Government |
| b) Public company | 2) Bank of England |
| c) Government company | 3) Maximum 200 members |
| d) Statutory Company | 4) Minimum 7 members |
| e) Limited Liability Partnership | 5) Maximum 100 members |
| 6) Minimum 5 partners | |
| 7) 40% share capital | |
| 8) Minimum 5 members | |
| 9) Life Insurance Corporation | |
| 10) Minimum 2 partners |
Write a word or a term or a phrase which can substitute the following statement.
The owner who is the sole manager and decision maker of his 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 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 natural person.
Complete the sentence.
A company which is incorporated under a special Act is called as ________
Complete the sentence.
A listed company is must follow the provisions of Companies Act and ________
Select the correct option form the bracket.
| Group ‘A’ | Group ‘B’ |
| ___________ | Member have unlimited liability |
Answer in one sentence:
What is a Holding company?
Correct the underlined word and rewrite the following sentence.
Statutory companies are registered under the Companies Act.
Answer in brief.
Explain the different types of companies on the basis of the liabilities of members.
State the features of a partnership firm.
State the features of a co-operative society.
Answer the following question:
Define a ‘company’. Explain the types of companies on the basis of the liability of members.
Write a word or a term or a phrase which can substitute in the following statement.
The members of Joint Hindu Family Business.
