Advertisements
Advertisements
प्रश्न
Answer in brief.
How is LLP different from a partnership firm?
Advertisements
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.
APPEARS IN
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 members of Hindu Undivided Family Business are called ________
Select the correct answer from the options given below and rewrite the statement.
The minimum number of members required for a co-operative society is ________
Select the correct answer from the options given below and rewrite the statement.
State Bank of India is the example of _________ Company.
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.
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 does not enjoy independent legal status.
Complete the sentence.
A company is a creation of law, hence it is called as ________
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:
How many member/s can be there in a one person company?
Answer in one sentence:
What is meant by foreign company?
What are holding and subsidiary company?
State the features of a partnership firm.
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 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.
