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B Com Exam  >  B Com Test  >  Company Law  >  Test: LLP Agreement - B Com MCQ

LLP Agreement - Free MCQ Practice Test with solutions, B Com Company Law


MCQ Practice Test & Solutions: Test: LLP Agreement (10 Questions)

You can prepare effectively for B Com Company Law with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Test: LLP Agreement". These 10 questions have been designed by the experts with the latest curriculum of B Com 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 10 minutes
  • - Number of Questions: 10

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Test: LLP Agreement - Question 1
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What is the primary document that determines the mutual rights and duties of partners in a limited liability partnership (LLP)?

Detailed Solution: Question 1

In a limited liability partnership (LLP), the mutual rights and duties of partners are determined by the Limited Liability Partnership Agreement, often referred to as the LLP Agreement. This agreement outlines the responsibilities, rights, and obligations of the partners in the LLP.

Test: LLP Agreement - Question 2
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According to the given information, what is the timeframe within which the Limited Liability Partnership Agreement should be filed with the Registrar after incorporation?

Detailed Solution: Question 2

The Limited Liability Partnership Agreement should be filed with the Registrar within 30 days of incorporation of the LLP.

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Test: LLP Agreement - Question 3
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Who can become a designated partner in a limited liability partnership?

Detailed Solution: Question 3

Both individuals and body corporates can become designated partners in a limited liability partnership.

Test: LLP Agreement - Question 4
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What is the requirement for the number of designated partners in a limited liability partnership (LLP)?

Detailed Solution: Question 4

Every limited liability partnership must have at least two designated partners, and at least one of them must be a resident of India.

Test: LLP Agreement - Question 5
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What is the significance of the Designated Partner Identification Number (DPIN)?

Detailed Solution: Question 5

The Designated Partner Identification Number (DPIN) is used for all purposes under the Limited Liability Partnership Act, 2008.

Test: LLP Agreement - Question 6
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What are the responsibilities of a designated partner in case the LLP has contravened the provisions of the LLP Act?

Detailed Solution: Question 6

According to the Act, the designated partner is liable to pay all the monetary fines imposed on the LLP for the contravention of its provisions.

Test: LLP Agreement - Question 7
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What are the obligations of partners in a limited liability partnership (LLP) in terms of personal liability?

Detailed Solution: Question 7

Partners in a limited liability partnership are not personally liable for the obligations of the LLP, except for their own wrongful acts or omissions.

Test: LLP Agreement - Question 8
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What is the consequence if a person has been allotted both a Director's Identification Number (DIN) and a Designated Partner Identification Number (DPIN)?

Detailed Solution: Question 8

If a person has been allotted both DIN and DPIN, the DPIN will stand cancelled, and the DIN will be used as both DIN and DPIN for all purposes under the respective Acts.

Test: LLP Agreement - Question 9
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What advantage does a limited liability partnership (LLP) have in terms of perpetual succession?

Detailed Solution: Question 9

A limited liability partnership has the advantage of perpetual succession, which means the LLP can continue to exist even if partners join or leave.

Test: LLP Agreement - Question 10
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What is the primary document required to avoid default provisions and provide for matters not covered in them in a limited liability partnership (LLP)?

Detailed Solution: Question 10

To avoid default provisions and provide for matters not covered in them, a limited liability partnership (LLP) requires a Limited Liability Partnership Agreement (LLP Agreement).

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About this B Com Practice Test

This test contains 10 MCQs on LLP Agreement with detailed solutions for each question. It is part of the Company Law course on EduRev, designed to align with the current B Com syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

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