Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partnerandrsquo;s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

UPSC Exam > UPSC Questions > Consider the following with regards to Limite...

Consider the following with regards to Limited Liability Partnership (LLP).
1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
2. LLP is considered a body corporate and a legal entity separate from its partners.
Select the correct answer using the codes below.

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
None of the above

Correct answer is option 'C'. Can you explain this answer?

Join for Free

Join for Free

Verified Answer

Consider the following with regards to Limited Liability Partnership (...

Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
Salient features of an LLP:
• An LLP is a body corporate and legal entity separate from its partners. It has perpetual succession.
• Being the separate legislation (i.e. LLP Act, 2008), the provisions of Indian Partnership Act, 1932 are not applicable to an LLP and it is regulated by the contractual agreement between the partners.
• Every Limited Liability Partnership shall use the words “Limited Liability Partnership” or its acronym “LLP” as the last words of its name.
Learning: Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020”and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19.
What do these schemes entail?
These schemes incentivise compliance and reduce compliance burden during the unprecedented public health situation caused by COVID-19.The schemes provide a one-time waiver of additional filing fees for delayed filings by the companies or LLPs with the Registrar of Companies during the currency of the Schemes, i.e. during the period starting from 1st April, 2020 and ending on 30th September, 2020.They also significantly reduce the related financial burden on them, especially for those with longstanding defaults, thereby giving them an opportunity to make a “fresh start”. Both the Schemes also contain provision for giving immunity from penal proceedings, including against imposition of penalties for late submissions. They also provide additional time for filing appeals before the concerned Regional Directors against imposition of penalties, if already imposed.

View all questions of this test

View all answers Start learning for free

Explore Courses for UPSC exam

Similar UPSC Doubts

Consider the following statements regarding ‘Limited Liability Partnership’ (LLP): In LLP, the partners are not responsible or liable for another partner’s misconduct or negligence. In India they are governed under the provisions of the Companies Act, 2013. They can issue an Initial Public Offering only after the prior approval of SEBI. Which of the statements given above is/are correct?

View answer

Consider the following statements with respect to Global Partnership for Artificial Intelligence (GPAI):1. It promotes public-private collaboration for the responsible evolution of Artificial Intelligence.2. Organization for Economic Co-operation and Development (OECD) hosts the partnerships secretariat.3. India is a founding member of the partnership.Which of the statements given above is/are correct?

View answer

Read the information given below carefully and answer the following question.Despite the best efforts of those responsible for preventing fraud, one inevitable reality remains: “fraud happens.” Because fraud and misconduct can occur at various levels in any organization, it is essential that appropriate preventive and detective techniques are in place. Although fraud prevention and detection are related concepts, they are not the same. While prevention encompasses policies, procedures, training, and communication, detection involves activities and programs designed to identify fraud or misconduct that is occurring or has occurred. Although preventive measures cannot ensure that fraud will not be committed, they are the first line of defence in minimizing fraudrisk.Q.According to the passage, what is the fundamental difference between fraud prevention and fraud detection?

View answer

With reference to the Global Partnership on Artificial Intelligence (GPAI), consider the following statements: It will be supported by a Secretariat, to be hosted by the Organisation for Economic Cooperation and Development (OECD) in Paris, as well as by two Centres of Expertise - one each in Montreal and Paris. India has joined as a founding member to support responsible and human-centric development and use of Artificial Intelligence (AI).Which of the statements given above is/are correct?

View answer

With reference to the National Summit on Developing Sustainable & Responsible Tourist Destinations, consider the following statements:1. It was organized in partnership with United Nations Environment Program (UNEP) and Responsible Tourism Society of India (RTSOI).2. During the summit Ministry of Tourism launched the National Strategy for Sustainable Tourism and Responsible Traveller Campaign.Which of the statements given above is/are correct?

View answer

Top Courses for UPSCView all

Current Affairs & Hindu Analysis: Daily, Weekly & Monthly

Lucent for GK

History for UPSC CSE

Indian Polity for UPSC CSE

CSAT Preparation

Top Courses for UPSC

View all

Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?

Share with a Friend

Answer this doubt

Question Description
Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.

Solutions for Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.

Here you can find the meaning of Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Consider the following with regards to Limited Liability Partnership (LLP).1. In a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.2. LLP is considered a body corporate and a legal entity separate from its partners.Select the correct answer using the codes below.a)1 onlyb)2 onlyc)Both 1 and 2d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.

Explore Courses for UPSC exam