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प्रश्न
Answer the following question:
State the features of Limited Liability Partnership.
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उत्तर
Limited Liability Partnership is a combination of Partnership and Joint Stock Company. As it has limited liability so the personal assets of the partners are not attached for paying off the debts of LLP. It is governed by the Limited Liability Partnership Act, 2008.
The features of Limited Liability Partnership (LLP) are stated as follows:
(1) Independent existence: The Limited Liability Partnership (LLP) is an independent legal entity. It has separate legal existence distinct from
its members. (i.e. partners). From a legal point of view, it recognised as a legal person.
(2) Number of Partners: The LLP must have a minimum of 2 partners to start with. There is no limit on its maximum membership.
(3) Capital contribution: There is no requirement (need) of minimum capital contribution.
(4) Formation: The LLP is easy to form and easy to operate and run. The cost of formation is also low.
(5) Limited Liability: The partners have limited liability. Limited liability implies in the event of insolvency of LLR its creditors cannot attach the personal property of the partners in settlement of their claims. At most partners will lose their capital invested in the business.
(6) Mobility of members: Any person can join the LLP at any time. There is no restriction on joining the LLP as a partner or member. The existing partner or member can leave the LLP at any time if it is not mentioned in the partnership agreement.
(7) No tax on the share of profit: Since LLP is a legal entity, the government imposes a tax on its profits. In order to avoid double taxation, the partners or members are not required to pay tax on the share of the profit they receive from LLP.
(8) The statute governing LLP: All Limited Liability Partnerships are regulated, governed, and controlled by the Limited Liability Partnership Act of 2008.
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संबंधित प्रश्न
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 |
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.
State whether the following statement is True or False.
A joint stock company is voluntary association of persons.
State whether the following statement is True or False.
The liability of shareholder of public limited company is limited.
State whether the following statement is True or False.
A joint stock company has long and stable life.
Complete the sentence.
A company is a creation of law, hence it is called as ________
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 | ______________ |
Correct the underlined word and rewrite the following sentence.
Statutory companies are registered under the Companies Act.
Answer in brief.
How is LLP different from a partnership firm?
Answer the following question:
State the features of sole trading concern.
State the features of a co-operative society.
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 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.
