4. LLP Act, 2008 Flashcards
1
Q
Meaning & Concept (NASAS)
A
new form - limited liability; alternative - benefits - flexibility - structure; separate entity - extent - limited; alternative - benefits; since - elements - hybird.
2
Q
Partner (IUUA)
A
individual - body corporate;
unsound mind - competent - finding;
undischarged insolvent;
applied - adjudicated - pending.
3
Q
Designated Partner (TAR)
A
two - one resident;
all - body, one or - individuals, two - partners - nominees - act - designated;
182 days - preceding.
4
Q
Characteristics / Salient Features (CPSMAASLMN)
A
Corporate; Perpetual; Separate; Mutual; Agreement; Artificial; Seal; Liability; Management; Number.
5
Q
Advantages of LLP (OPEAFE)
A
organised - operates - agreement; flexibility; easy to form; enjoy - liability; flexible capital structure; easy to dissolve.
6
Q
Effect of registration (SASC)
A
Suing;
Acquiring - developing - movable - tangible;
Suffering - acts - body corporate - lawfully;
Common seal - decide
7
Q
LLP vs Partnership (RBSNL)
A
Regulating Act; Body corporate; Separate legal entity; Name; Liability
8
Q
LLP vs LLC (RNLNM)
A
Regulating Act; Name; No. of members / partners; Liability; Min. no. of direcctors / designated partners