What is the maximum limit on the number of partners in a Limited Liability Partnership under the LLP Act 2008?
Answer and explanation
Correct answer: D. There is no statutory maximum limit on the number of partners
- Step 1: Refer to Section 6 of the Limited Liability Partnership Act 2008.
- Step 2: The Act specifies that every LLP must have at least two partners.
- Step 3: However, the Act imposes no ceiling or maximum limit on the number of partners in an LLP.
Answer
There is no statutory maximum limit on the number of partners.
Practise more Limited Liability Partnership (LLP) Act 2008 & Business Laws.
Free questions with an explanation for every one, and full timed CA Foundation mock tests.
More Limited Liability Partnership (LLP) Act 2008 & Business Laws questions
- Under Section 7 of the Limited Liability Partnership Act 2008, what is the minimum statutory requirement for designated partners in an LLP?
- What is the extent of liability of a partner in an LLP for the wrongful acts or omissions of co-partners?
- Under which specific circumstance does the liability of a partner in an LLP become unlimited under Section 30 of the LLP Act 2008?
- Every LLP must maintain books of account and file a Statement of Account and Solvency in Form 8 within how many days from the end of six mon…
- Can a body corporate become a partner in a Limited Liability Partnership?
- Within what period must an LLP file its Annual Return (Form 11) with the Registrar of Companies following the close of the financial year?