What is a Limited Liability Partnership (LLP)?
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The liability of Co-parceners is limited in ‘Joint Hindu Family Business’.
1. In a Joint Hindu Family Business, there are two types of members – Karta and Coparceners. 2. The karta has unlimited liability and he is the only decision making authority....
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Explain the following concept: Limited Liability
The liability of shareholders is limited in Joint Stock Company. Personal property cannot be used to pay the debts of the company. Liability is limited to the unpaid part of the face...
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i. Is this company a One Person company? ii. Will the liability of Mr. Manoj be limited or unlimited?
i. Yes, this is a One Person company, because only one/single person is a member of this company. ii. The liability of Mr. Manoj is limited. iii. No, Company will not close down on the...
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How is LLP different from a partnership firm?
LLP and Partnership Firm both look alike but are separate and have separate features: Legal base: Limited Liability Partnership is based on “Limited Liability Partnership Act, 2008” and regular partnership is...
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Justify the following statement: The liability of shareholders of the company is limited.
The liability of shareholders of the company is always limited. It is limited to the extent of the unpaid part of the face value of the shares held by them. Personal...
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State the features of a Limited Liability Partnership.
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i. _______ clause contains the details of liability of the members. (a) Name (b) Liability (c) Object
i. (b) Liability ii. (c) Capital iii. (a) Articles of Association iv. (a) members v. (b) Prospectus vi. (b) Shelf vii. (a) Red Herring Prospectus
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Partnership at will, Partnership for a particular period, Limited Liability Partnership, Partnership for a particular venture.
Limited Liability Partnership
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i. Can ZEN Limited invest in the shares of itself? ii. Can ZEN Limited invest in the shares of TEN Limited?
i. No, ZEN Limited cannot invest in the shares of itself. ii. Yes, ZEN Limited can invest in the shares of TEN Limited. iii. Justification: ZEN limited being a legal person can be a member of...
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A ____________ liability is an uncertain liability. (a) Long term (b) Contingent (c) Current (d) Fixed
Correct option is (b) Contingent
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