. In case of legal non-
compliance and penalties under
the LLP Act, responsible
O 1. Partners
O2. Designated Partners
O 3. LLP
04. All the above
Answers
Answer:
Option 04. All the above
Explanation:
If any LLP fails to comply with section 62 (iii), the LLP and its every designated partner shall be liable for a penalty of Rs. 10,000/- and in case of continuing default a further penalty of Rs. 100/- per day.
Answer:
The correct option for the given question is '04. All the above.
Explanation:
The LLPs' accounts must be audited in accordance with the rules established by the government. Every year, every LLP must file a duly authenticated annual return in Form 11 with the Registrar. Section 74 of the LLP Act is primarily monetary in character. Individuals found guilty under this Act face fines ranging from ₹10,000 to ₹5,000, depending on the nature of the offense and the severity of the penalty. If the defaults persist, a daily fee of ₹50 will be charged.
Thus, at least two individuals who are LLP partners or nominees of such entities corporate shall function as designated partners in the case of an LLP.