CA Foundation Exam > CA Foundation Videos > Business Laws for CA Foundation > Meaning & Basic Concepts of LLP Act 2008 - 1
Meaning & Basic Concepts of LLP Act 2008 - 1 Video Lecture | Business Laws for CA Foundation
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FAQs on Meaning & Basic Concepts of LLP Act 2008 - 1 Video Lecture - Business Laws for CA Foundation
| 1. What is the meaning of the LLP Act 2008? |  |
Ans. The LLP Act 2008 refers to the Limited Liability Partnership Act of 2008, which is a law enacted by the government of India to regulate the formation and operation of limited liability partnerships in the country.
| 2. What are the basic concepts of the LLP Act 2008? | |
Ans. The basic concepts of the LLP Act 2008 include the formation of limited liability partnerships, the liability of partners, the management and administration of LLPs, the conversion of existing firms into LLPs, and the dissolution of LLPs.
| 3. How does the LLP Act 2008 define the liability of partners? | |
Ans. According to the LLP Act 2008, the liability of partners in a limited liability partnership is limited to the extent of their agreed contribution to the LLP. This means that partners are not personally liable for the debts and obligations of the LLP beyond their agreed contribution.
| 4. Can existing firms be converted into LLPs under the LLP Act 2008? | |
Ans. Yes, under the LLP Act 2008, existing firms can be converted into limited liability partnerships. This conversion provides the partners with the benefits of limited liability while retaining the advantages of partnership firms.
| 5. What are the provisions for the dissolution of LLPs under the LLP Act 2008? | |
Ans. The LLP Act 2008 provides provisions for the voluntary as well as the involuntary dissolution of limited liability partnerships. Voluntary dissolution can be initiated by the partners, while involuntary dissolution can happen due to various reasons such as bankruptcy or non-compliance with legal requirements. The Act also specifies the procedures to be followed during the dissolution process.
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Dec 31, 2024 Last updated |
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