LLP ACT

For the purpose of LLP, Resident in India means:

• Person who has stayed in India for a period of not less than 182 days during the current year.

• Person who has stayed in India for a period of not less than 180 days during the immediately preceding one year.

• Person who has stayed in India for a period of not less than 181 days during the immediately preceding one year

• Person who has stayed in India for a period of not less than 120 days during the financial year.

The approved name of LLP shall be valid for a period of ___ from the date of approval:

• 1 Month

• 2 Months

• 3 Months

• 6 Months

Answer explanation

As per Sec 16, upon receipt of an application and on payment of the prescribed fee, Registrar may, if he is satisfied, subject to rules prescribed, reserve name for a period of 3m from date of intimation by Registrar.

Mr. Mohit had purchased Food items from Balak Food court LLP amounting to 5,00,000. He made a claim of 5,00,000 against the LLP as he was supplied with all expired food items, this transaction was done by Mr. Heera (one of the partners of LLP), but LLP was unaware of this transaction. 

Mr. Mohit also claimed for compensation as this transaction was done with intention to defraud him. The worth of the assets of LLP are only 2,00,000. Now Mr. Mohit wants to make all the partners of LLP personally liable for the deficiency of 3,00,000.

What is the correct option as per the Limited Liability Partnership Act, 2008.

• As this act is done with intent to defraud Mr. Mohit by supplying expired food items in such case the liability of partners who has done such act, shall be unlimited for all or any of the debts or other liabilities of the LLP. Hence Liability of Mr. Heera is unlimited. It can be extended up to the personal assets of Mr. Heera.

• The LLP itself will be liable for such act to the full extent of its assets. In other words, Mr. Mohit cannot claim personally from partners. The liability of the partners will be limited to their agreed contribution in the LLP.

• All Partners, whether or not aware about this act will be liable equally, their liability will be unlimited.

• Mr. Heera, who has done this transaction with intension to defraud Mr. Mohit, will be liable to compensate him but his liability will be limited to his contribution in LLP only. Hence, Mr. Heera will not be personally liable for the same

Which of the following cannot be converted into LLP?

• Partnership firm

• Private company

• Listed company

• Unlisted company

Ministry of Corporate Affairs enforced the LLP Act, with effect from-

• 31st March, 2008

• 1st April 2009

• 31st March, 2009

• 1st April 2008

What is the periodicity of preparing the Statement of Account and Solvency by the LLP:

• Within 3 months from the end of each F.Y.

• Within 9 months from the end of each F.Y.

• Within 12 months from the end of each F.Y.

• Within 6 months from the end of each F.Y.

Who shall sign the Statement of Account and Solvency prepared by the LLP:

• By any one partner, authorised in this behalf

• By the designated partners

• By all the partners

• By at least two partners, authorised in this behalf

What is the minimum required capital for formation of LLP?

• Rs. 1,00,000

• Rs. 2,00,000

• Rs. 5,00,000

• No such requirement

What is the maximum limit of number of partners in LLP?

• 20

• 100

• No Limit

• 50

In case of any change in name or address of any partner, LLP shall inform Registrar within:

• 7 days

• 10 days

• 15 days

• 30 days