Law · Partnership and LLP Acts
Which of the following is a key distinguishing feature of a Limited Liability Partnership (LLP) under the LLP Act, 2008, compared to a traditional partnership under the Indian Partnership Act, 1932?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Registration is compulsory for a traditional partnership, while registration is optional for an LLP.
- 2Partners in a traditional partnership have limited liability, while partners in an LLP have unlimited liability.
- 3An LLP requires a minimum of 2 partners and a maximum limit of 50, whereas a traditional partnership has no upper limit.
- 4An LLP has a separate legal entity distinct from its partners, whereas a traditional partnership is not separate from its partners.✓
Correct answer
An LLP has a separate legal entity distinct from its partners, whereas a traditional partnership is not separate from its partners.
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