Economics · Limited Liability Partnership Act
Consider the following statements regarding a Limited Liability Partnership (LLP) in India: 1. An LLP is a body corporate formed under the Limited Liability Partnership Act, 2008, and is separate from its partners. 2. An individual who is an undischarged insolvent can be a partner in an LLP. 3. A small LLP has a partner contribution that does not exceed ₹25,00,000 and a turnover that does not exceed ₹40,00,000. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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1 and 3
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