The Limited Liability Partnership Act, 2008 MCQ

Question 1

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

A) 31st March, 2008

B) 1st April 2008

D) 1st April 2009

Answer

C) 31st March, 2009 ✓

Question 2

2. Whether partnership law applies to the LLP-

A) Yes

B) No ✓

Answer

B) All partners have limited liability ✓

Answer

C) Listed company ✓

Answer

C) 3 months ✓

Answer

B) Limited Liability partnership or LLP ✓

Answer

D) A listed company can convert to an LLP. ✓

Answer

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

Question 3

3. State which of the statement is correct under the Limited Liability Partnership Act, 2008-

A) All partners have unlimited liability

Question 4

4. Which of the following cannot be converted into LLP?

A) Partnership firm

B) Private company

D) unlisted company

Question 5

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

A) 1 Month

B) 2 Months

D) 6 months

Question 6

6. Name of the Limited Liability Partnership shall be ended by:

A) Limited

C) Private Limited

D) OPC

Question 7

7. Which one of the following statements about limited liability partnerships (LLPs) is incorrect?

A) An LLP has a legal personality separate from that of its members.

B) The liability of each partner in an LLP is limited.

C) Members of an LLP are taxed as partners.

Question 8

8. For the purpose of LLP, Resident in India means:

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

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

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

Sample Questions: The Limited Liability Partnership Act, 2008