UPSC General Studies Sample Paper General Studies Sample Paper-2

  • question_answer
    Which one of the following is not a feature of Limited Liability Partnership (LLP) firm?

    A)  Partners should be less than 20

    B)  Partnership and management need not be separate

    C)  Internal governance may be decided by mutual agreement among partners

    D)  It is corporate body with perpetual succession

    Correct Answer: A

    Solution :

    [a] LLP defined as a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liabilities while allowing its members the flexibility for organising their internal structure as a partnership. Minimum of two partners are required to form a LLP. However, there is no limit on the maximum number of partners.

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