The Limited Liability Partnership Act, 2008 – MCQ on Business Law with Answers

Students should practice The Limited Liability Partnership Act, 2008 – CA Foundation Business Law MCQ Questions with Answers based on the latest syllabus.

The Limited Liability Partnership Act, 2008 – Business Law MCQ Questions with Answers

1. The LLP Act, 2008 came into force from:
(a) 31st March, 2008
(b) 31st March, 2009
(c) 1st April, 2008
(d) 1st April, 2009
Answer:
(b) 31st March, 2009

2. Maximum number of partners in a LLP can be:
(a) 100
(b) 200
(c) 50
(d) Unlimited
Answer:
(d) Unlimited

3. In case of a LLP, the partners are agents of _________.
(a) LLP
(b) Other Partners
(c) Both (a) and (b)
(d) None of the above
Answer:
(a) LLP

4. For reservation of name, e-Form _________ is required.
(a) E-Form 1
(b) E-Form A
(c) E-Form B
(d) E-Form 2
Answer:
(a) E-Form 1

5. Minimum designated partners required in a LLP are:
(a) 1
(b) 2
(c) 3
(d) 0
Answer:
(b) 2

6. Common seal is mandatory for _________.
(a) Company
(b) LLP
(c) Both the above
(d) None of the above
Answer:
(d) None of the above

7. In case of legal non-compliance and penalties under the LLP Act, _________ are responsible.
(a) Partners
(b) Designated Partners
(c) LLP
(d) All the above
Answer:
(b) Designated Partners

State Whether The Following are True or False:

1. It is mandatory for a LLP to have a common seal.
2. A LLP is not a body corporate.
3. Executing an LLP Agreement is discretionary.
4. In a LLP, all partners have an unlimited liability.
5. Limited Liability Partnership is governed by Partnership Act, 1932.
6. Every partner in a LLP is the agent for the purpose of the business of LLP but not of the other partners.
7. LLP can be incorporated for charitable purpose as well as for business.
8. Foreign Nationals can become a partner in a LLP.

Answer:

1. False
2. False
3. False
4. False
5. False
6. True
7. False
8. True