The Limited Liability Partnership Act, 2008 of India regulates the formation and dissolution of LLPs. This statement is ______.a.TRUEb.FALSEc.Partially Trued.Incomplete

What is the primary purpose of the Limited Liability Partnership Act, 2008 of India?a.To protect partners from being held liable for debts and obligationsb.To provide legal personality to LLPsc.To establish property ownership for LLPsd.To establish property ownership for LLPsClear my choice

In the context of the liability of owners, a true statement about a limited liability partnership (LLP) is that it Blank______.Multiple choice question.requires partners to share personal liability equally, regardless of their capital contributionsallows insurance against liability as the only protection for partners against liability risklets each partner put his or her assets in someone else's name to avoid liability riskprovides partners with an advantage to protect their personal assets from liability risk

Which of the following statements is true regarding the governance of an LLP?a.It must have a designated managing partnerb.All partners have equal decision-making authorityc.External directors are mandatory in an LLPd.The government appoints a board of directors

In an LLP, the liability of partners is:a.Limited to their capital contributionb.Limited to their share of profitsc.Unlimited and jointd.Unlimited but several

List the major differences between Partnership Firm, LLP and a  Private Limited company in India.