Fill in the blank: The Limited Liability Partnership Act, 2008, was enacted to provide a legal framework for ___ in India.

Limited liability partnerships

True or False: In an LLP, partners are jointly and severally liable for the actions of each other.

False. In an LLP, partners are not liable for the wrongful acts of other partners.

What is the maximum number of partners allowed in an LLP under the Companies Act, 2013?

Up to 100 partners.

What is one major disadvantage of forming a Limited Liability Partnership?

LLPs face heavy penalties for non-compliance with regulatory requirements, which can hinder their growth.

Fill in the blank: The liability of a partner in an LLP is limited to their ___ in the partnership.

Contribution

True or False: An LLP can be formed with just one partner.

False. An LLP must have at least two partners.

What does perpetual succession mean in the context of an LLP?

Perpetual succession means that the LLP continues to exist even if a partner dies, retires, or becomes insolvent.

C) Unlimited liability

Fill in the blank: The LLP Act allows for the conversion of a ___ company into an LLP if there are no security interests in its assets.

Private