What is the primary document that determines the mutual rights and duties of partners in a limited liability partnership (LLP)?

Memorandum of Association (MOA)

Limited Liability Partnership Agreement (LLP Agreement)

Who can become a designated partner in a limited liability partnership?

Only individuals who are residents of India

Individuals and body corporates

What is the requirement for the number of designated partners in a limited liability partnership (LLP)?

At least one designated partner who is a resident of India

At least two designated partners who are residents of India

At least one designated partner

At least two designated partners, one of whom should be a resident of India

What is the significance of the Designated Partner Identification Number (DPIN)?

It is used for filing income tax returns.

It is required for obtaining a DIN.

It is used for all purposes under the Limited Liability Partnership Act.

It is required for filing annual returns.

What are the responsibilities of a designated partner in case the LLP has contravened the provisions of the LLP Act?

The designated partner is exempt from any penalties imposed on the LLP.

The designated partner is only responsible for administrative tasks.

The designated partner is liable to pay all the monetary fines imposed on the LLP.

The designated partner can transfer their responsibilities to other partners.

What are the obligations of partners in a limited liability partnership (LLP) in terms of personal liability?

Partners are personally liable for all obligations of the LLP.

Partners are not personally liable for any obligations of the LLP.

Partners are personally liable only if they hold a majority stake in the LLP.

Partners are personally liable for their own wrongful acts only.

What is the consequence if a person has been allotted both a Director's Identification Number (DIN) and a Designated Partner Identification Number (DPIN)?

DPIN will stand cancelled, and DIN will be used for all purposes.

DPIN will be used as DPIN only, and DIN will be used for all purposes.

DPIN will be used as DPIN and DIN both for all purposes.

DPIN will be used for DIN purposes only.

What advantage does a limited liability partnership (LLP) have in terms of perpetual succession?

Partners have the option to leave the LLP at any time.

The LLP can continue its existence even if partners change.

Partners have to renew the LLP's existence periodically.

The LLP's existence is limited to the lifetime of its partners.

What is the primary document required to avoid default provisions and provide for matters not covered in them in a limited liability partnership (LLP)?

Memorandum of Association (MOA)

Limited Liability Partnership Agreement (LLP Agreement)

LLP Agreement Free MCQ Practice Test with Solutions

	Company Law 81 docs\|44 tests

	Company Law 81 docs\|44 tests

Important Questions for LLP Agreement

Find all the important questions for LLP Agreement at EduRev.Get fully prepared for LLP Agreement with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the LLP Agreement syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of LLP Agreement resources.

LLP Agreement MCQs with Answers

Prepare for the LLP Agreement within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for LLP Agreement Company Law

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace LLP Agreement with ease. Join thousands of successful students who have benefited from our trusted online resources.

Education Revolution