Law · Limited Liability Partnership Act

Under the Limited Liability Partnership Act, failure to file the statutory 'Statement of Account and Solvency' within the prescribed time attracts a penalty of:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1₹10,000 lump sum
2₹500 per day
3₹100 per day, up to ₹1,00,000 for the LLP and ₹50,000 for each designated partner✓
4₹50 per day

Correct answer

₹100 per day, up to ₹1,00,000 for the LLP and ₹50,000 for each designated partner

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