4. LLP Act, 2008

Question 1

Meaning & Concept (NASAS)

Answer 1

new form - limited liability; 
alternative - benefits - flexibility - structure; 
separate entity - extent - limited;
alternative - benefits;
since - elements - hybird.

Question 2

Partner (IUUA)

Answer 2

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

Question 3

Designated Partner (TAR)

Answer 3

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

Question 4

Characteristics / Salient Features (CPSMAASLMN)

Answer 4

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

Question 5

Advantages of LLP (OPEAFE)

Answer 5

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

Question 6

Effect of registration (SASC)

Answer 6

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

Question 7

LLP vs Partnership (RBSNL)

Answer 7

Regulating Act;
Body corporate;
Separate legal entity;
Name;
Liability

Question 8

LLP vs LLC (RNLNM)

Answer 8

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