give any two characteristics limited ?
Answers
Answer:
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Explanation:
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Answer:
Government of India passed Limited Liability Partnership Act ,2008 and it was
notified on 31st March, 2009 .According to this Act LLP shall be a body corp8and a legal entity separate from its members. Any two or more persons associated for carrying on a lawful business with a view to earn profi, may be subscribing their names to an incorporation document and filing the same with the Registrar for forming Limited Liability Partnership.
Characteristics:
Limited liability: The important feature of LLP is the liability of partners is Limited to the extent of their share. The private property of the partners may not be utilized to meet liabilities of the business.
Separate Legal Entity: Limited liability partnership is a separate legal entity as like as a company. The partners and firm are not one and the same , they are separate. One can register property in the name of LLP and it can undertake contracts with outside parties on behalf of the business.
Number of Members : Every LLP shall have at least two persons to form the business. At any point of time, at least one designated partner should be a resident of India. There is no limit on the maximum number of partners in the LLP .
Mutual Rights and Duties: Mutual rights and duties of the partners within the LLP are governed by an agreement between the partners or between the partners and LLP as the case maybe. The LLP however, is not relieved of the liability of its other obligations as a separate entity.