Limited Liability Partnership (LLP) Quiz

What is the minimum number of partners required for an LLP?

• 4

• 1

• 2

• 3

Which of the following is a likely beneficiary of an LLP?

• Government agencies

• Start-ups

• Large corporations

• Non-profit organizations

What is the legal status of an LLP?

• Body corporate

• Partnership

• Sole proprietorship

• Limited company

What is the main difference between an LLP and a general partnership?

• Number of partners

• Liability of partners

• Taxation status

• Formation process

What is the main difference between an LLP and a company?

• Submission of financial statements to SSM

• Issuance of shares

• Requirement for annual general meetings

• Accounts audit requirement

Why would someone register an LLP instead of incorporating a company?

• To issue shares

• To have more compliance requirements

• To have limited liability status

• To avoid taxation

Which of the following professionals can form an LLP according to the LLP Act 2012?

• Doctors

• Engineers

• Artists

• Lawyers

What is the requirement for renewal of license for an LLP?

• Mandatory

• Depends on the business type

• Depends on the number of partners

• Not required

What is the income tax status for an LLP?

• Tax on company

• Tax on partners

• Tax on shareholders

• Tax on sole proprietor

What is the controlling law for an LLP?

• Partnership Act 1961

• Limited Liability Partnerships Act 2012

• Companies Act 2016

• Registration of Businesses Act 1956