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.
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2
Q

Partner (IUUA)

A

individual - body corporate;
unsound mind - competent - finding;
undischarged insolvent;
applied - adjudicated - pending.

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3
Q

Designated Partner (TAR)

A

two - one resident;
all - body, one or - individuals, two - partners - nominees - act - designated;
182 days - preceding.

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4
Q

Characteristics / Salient Features (CPSMAASLMN)

A

Corporate; Perpetual; Separate; Mutual; Agreement; Artificial; Seal; Liability; Management; Number.

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5
Q

Advantages of LLP (OPEAFE)

A
organised - operates - agreement;
flexibility;
easy to form;
enjoy - liability;
flexible capital structure;
easy to dissolve.
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6
Q

Effect of registration (SASC)

A

Suing;
Acquiring - developing - movable - tangible;
Suffering - acts - body corporate - lawfully;
Common seal - decide

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7
Q

LLP vs Partnership (RBSNL)

A
Regulating Act;
Body corporate;
Separate legal entity;
Name;
Liability
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8
Q

LLP vs LLC (RNLNM)

A
Regulating Act;
Name;
No. of members / partners;
Liability;
Min. no. of direcctors / designated partners
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