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Question
Which of the following is not correct about Limited Liability Partnership (LLP)?
Options
An LLP is a body corporate having a separate legal entity and perpetual succession.
An LLP must not maintain annual accounts reflecting the true and fair view of its state of affairs.
The liability of partners in LLP is limited to their agreed contributions to the LLP.
As there is no limit on the number, an LLP can raise huge funds for expansion and growth of business.
MCQ
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Solution
An LLP must not maintain annual accounts reflecting the true and fair view of its state of affairs.
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