Marks

Marks CHAPTER
6 8 10 of
18N

19J
Objective,
5
Notes
Short Short
19N Notes,

20N Distinguish
2.515 Examinations Partnership
Legend
2008|
Act,
Liability
Limited
The
21J
Practical
DiDesori
stinguiptvshe Between,
21Jul

21D Descriptive

22J
&
Practical
22D

23J Questions

" Answer:
"
Partnership?
It Q. Meaning:Limited Answer: Q. 2.516
Designated Common
Limited seal.
Artificial
person.
legal
Rights
Mutual
Separate
Entity.
Legal has It
perpetual is 2
business. QUESTIONS STUDY
SELF
a What contains is It It Partnership
Is Schedule Schedule
Schedule Schedule December,
1 2009.
It 1
body a has Limited What
a
and
Agency are mid newLiability 81
liability corporate. do
duties the way form
4 Sections Liability
Partner elements Act
3- 2
2008 you
of between Characteristics/Salient between Partnership
of - -
-Mutual
suCcession. is understand
partners. as business Conversion Conversion
not Conversion
agreement.
absence of andPartrnership
and
is per
esponsible of a applicable 4assent Foundation
ScannerCA
agreement. partner partnership
'body with rights
Schedules
Meaning - of of of (LLP) by
liability.
limited Private Firm
Public and by
and corporate' to limited
for President Act
LLP firm LLP to duties
legal Features and Ltd. Ltd. LLP. was
and form liability
only. Concept: of passed
mpliances. and to to partners was
Private ofLLP. LLP. Paper
(2023-2
of
partnership' business. partnership?
given
a Limited by
Limited and parliamet
on
partnership
7"
Company. January, Syllabus)
Liability fom on
of in
12h
LPAgreement Answer:
Essential
Partnership?
Answer:
there? a.
Q. Chapter
Name2008.
Act, theIn
Designated One
Registered At compliance.
Designated
ldentification Partrners 4cost
Low legal
structure.
Flexible
capital 3
formalities.
Less Easy
Limited
formation/dissolution.
What Howbusiness
Indian
LLP. LLP
signature.
Forms
Compromise,
competence
authority. Can LLPMust
least
of
absence
of of Elements formed, cannot
be
them two are many have -
LLP Liability to 5]
in investigated
office
designated the be minimum The
form Partnermust
Number Advantages India be
incorporated,
arrangements
consisting steps of e-file formed Limited
AgreementLLP in for
of be Partners. is
business. resident
whichmust
mustIndia
incorporation:
individuals. be followed
called on 2
by Liability
partners. for
individual
all along the Central
is of
Foreign or charitable
rights
allottedhave in Limited registered portal will
India. with for Partnership
Governmentbe partner
provisions ofand DPIN utility Incorporation LLP. of as and
by Liability per
dutiesMCA. www.mca.gov.in
bil It non-economic and
outside
i.e. can LLP
as maximum
Schedule of proof. Partnership become Act,through
Designated
partners. of India
2008.
Limited
havinga appointment
purpose. no
Firstof partner using limit.
Liability (LLP)
Partner place
LLP in digital 2.517
are an
of ot

|Working
|IPartners
t jurisdiction
Partner.
Government. succession.
Itsis Separate
Liability.
Limited ItAct,
Partnership
Registration
mandatory. is 2008. |It Answer:Firm. Q. Step Step Step Step Process:
Step 2.518
must is
Partnershipis Distinction 5
a Liability
Limited
bodygoverned 5: 4:
3: 2: 1:
have
30 alongOnceCertificate
partners.
Draft (upto Fill Obtain
partners.Elect
legalcorporate. days
its e-form
LLP withLLP-1 6 member
common between choices
entity by of DPIN
Agreement
incorporation Limited(DSC)
are Limited Designated is
under
seal.
with approved, can of and Scanner
Limited to
Designated Liability
Designateddesigned
perpetual be sign
Liability and
Central| of indicated). CA
Liability Partners
file e-form.
LLP. fil
Partnership-1
with LLP-2 amongFoundation
are |No Unlimited
Government.
required.
Notpartner.
called Its Registration
Liability. voluntary. |It Act, It
no|No |Partnership
is 1932.
is Partners
distinction succession.
jurisdiction perpetual
separate not isPartnership registrar who
them
giving
Partnership
aIndianbyFirm
governed Paper
body have for
in details and at
among legal E-form reservation least
Corporate. consented -
is and Digital 2
two (2023
entity of
partners, under Partnership LLP-3 designated
all Signature Syllabus)
and partners of
State within to name
all
has be
 activities.
business
designated
Company
Partnership.
members No ItAnswer:
two.as
Minimum
PartnershipName Mermbers Company
Liability
(LLC). Q. Minor
Partnership
2008.
Act, is partners. No [Chapter
limitation Partnership
Liability
LimitedDistinguish 6
limitation
must governed cannot
number are -
partners must of on end 5]
known be on The
maximum
Limited with a
have of by between partner. maximum Limited
for member asLimited
Limited
minimum
carrying partners.
number Liability
Liability required| Liability Limited number
Liability
on ofMaximum Partnership
2Company of
| Company Liability
minimum 3. manage
In
Private limit.no
case
Private required.
arrequired,
e minimum Limited' In Name
Private or
shareholders.
Members 2013. Act, It
is to Maximum
|Minor be
case case Company
Liability
Limited the upto
of can
Company its Public
Company governed Partnershipbenefits 50
..
of must must
number minimum 7 in 2 of benumber
as
business
Public admitted
of per
have Company case Private
members end
are
minimum is of Companies by partnership.
Companies of
Limited'. knoWn
Company directors in 200
member of with and Partners
case members company as
there and
Public word Limited Partner
2.
of to is in in
are as Act. can 2.519

(ii) () Difference
) Answer:
Ownership DISTINGUISH
2022 BETWEEN 3.
2. 1. SHORT 2.520
without
partners. transfer
his/her A
Common
interest. Partnership
Partnership (b) (a) List What
Differentiate
between:
characteristics?
partner -
Dec LLP LLP out
between as PRACTICE
do
prior Partnership the
doesn't per [6] PAST
and and
consent
arises The (b) Partnership LLC process of you
arises
share
partofhold Partnership Indian What YEAR QUESTIONS
mean
out
of out of is Scanner
rights contract.|() QUESTIONS incorporation
LLP. of
all Partnership the firm. by
of CA
the
to and difference limited
a
|(i) (ii) Co-ownership: Foundation
ACo-ownership
share. Co-ownership
necessarily Contract 1932?
Act,
permission interest. AND liability
Co-owner between
Co-ownership ANSWERS
or Paper
ariseoperation partnership.
to partnershipand co
-2
transfer does out can (2023
may
of
not common of
arise
law. marks) (4 Give Syllabus)
his/her seek
not via
ts
 (vii) (V) (ivTo
) (ii) Underathe
partnership. Limited 2018-May
thatAnswer: per
DESCRIPTIVE
QUESTIONS (v) (iv)
[Chapter
(V) (ii)
()Essential
LLP
gives the partnershipa The the A
Decide
LLP.body
of seTo
LLPare Designated
Number resident
responsible To To To in
electronically.
India. in corporate). body contract.
made. Liability LLP partner
property
executeor appoint have have completeIndia: the profit -
Elements Act,
LLP 5]
between Thus, Act, (2]
upon a benefits The
(DPIN) atleast Partnership (b) and cannot
a minimum registered 2008? is or
partnership
LLP partner for and 2008,the it What likelylossshares. Limted
corporate the to is claim
allotted number two submit a of
name. LLP in
hybrid
limited are but
sharing
(s) two officepartner Corporate Liability
should (LLP) the based partition
and and byindividuals following
deed/agreement of for between liability essential
in in
hence its MCA. duties.
hold incorporation
India for is on Partnership
a<(v) of(iv)
partner. an
incorporation elementsare altemative LLP:
a to
of
a a elements
must Designated Atleast aswhich company Abythfore
profitabilityout ofthem. A
designated company Co-ownership Co-owner
be
between all documents
registered one corporate to part
communication
(whether very and and form
Partner of ofcan
and partner athe
them essential
partnership. a property
with partner with LLP
business may claim
ldentification individual flexibility
should who Registrar marks)India
(5as in not partiton
Registrar owned
wil wil to 2.521
inter form form anse
bebe be or of
a

separate ofalternative
organising Answer:
limitedpartnership". A the
2019-June
Explain. Name(vii)
LLP (vi) (iv) (i) The Liability2018- 2.522
(v) (ii) Answer:
()
its LLP
assets, benefits
To essential
specified
registered Limited ldentification its To
designated
in Aperson should and received; be and To
corporate):
made body To with To
legal
lilability Is
a
first
partners.
execute responsible appoint have have complete Partnership Nov
their
corporate things the
the new [2] schedule be [2]
at of liability registrar
entity
internal (b)"LLP in residentor asregistered elements
at (b)
llability low form limited the with a
Inpartner
nominee minimum least and
partnership tNumber
he are
for
Explain
and
compliance
and, business LLP the
of Partnerships of two submit
structure
of is absenceLLP
requirednumber
in electronically: to the Scanner
while legal liability Registraran Act. office
the (DPIN) ofIndia. of two partners incorporate steps the
alternative Act, body incorporation
partners the vehicle business agreement of
LLP individuals to of in essential CA
cost
as of 2008 any India invoved
LLP allottedcorporate duties
be
abut a ofare should done for Foundation
traditional that company LLP agreement to
l allows entity corporate bodies wil
wiitself including incorporation LLP elements
be be inter by by aswhichdocumentin therein
wil not after hold
intending designated the are:
limited. with applied. MCA. se
its all
partnership. be
partners
only corporate
and following
business the or LLP.doing
acommunicatons under toPaper
liable limited between incorporate
gives provisions Designated of
the to Atof LLP the the -2
for liability. beleastpartners
the flexibility tom all form LLP (2023
the The the the and
thappointed
e oneacts, (individual
flexibility
benefits provisions
that as prescbed marks)(5 Act,Sytlabus)
full marks) (5 must LLPPartner matters a
LLP of who
extent It set wl Lmted
2008.
is gíves
of them
is be out
and wi be or
an
a of of a as
 carried
1. of in ofBut shallnegligence.misconduct or
LLP, organization. advantage Answer: A not
2019-Nov 6. 5. 4. 3. 2. Some investment
1. LLP mutually
operation, flexbility [Chapter
LLP aany Limited liable
with Liabilitycontract a beEvery an In It It Easy
All provides it is
requirements. It is LLP
partner
other an is has
features/advantages
partners
Intent out shall limitedagent LLP for easy a
toorganízed hybrid arrivedprovides of
by of be partner Liability
of [ 2]
a -
5]
partner.
or the flexible form. by the
organising
to aotherwise,
LLP met shall of one both (b) to enjoy flexibility venture The
limited
defraud
except the of acts dissove. betweenagreement. LLP
not partner Discuss capital and the Limited
and out an Partnership,
the
liability its obligation Anbe inLLP LLP of limited capital. is benefits
of company th e operates their
creditors the personally
is case but is th e without a a Liabilty
fraudulent solely would not partner. structure. company suitable internal
partnership,property ofnot conditions liability. of Owing of
unauthorized responsible
ofbe, popularty on LLP limited
of imposing
or
any partner of
the theliable the and the are: vehiclestructurePartnership
obligationlimited for and to
the other th e Partnership basis its liabilitybut
other for under
or partnership: flexibilfty
any shall LLP. e acts, purpose
thpartners. or known detailed of for as
person, liability liable whi c h agreement. small a
of of
wrongful
its be the fraud as partnership allows
of for into LLP legal
unlimited,
partners,
or partnership
LLP. Liability thepartners LLP enterprise in
acts andbusiness another a wil and
its its
The single
combines structure members
negligence. or of be based
marks) (5 liable procedural
liabilities
if whether omission partners fom and
an of 2.523
act the and and on the
ofthe for a

Unlimited (1)Answer:2008.Act, 2021

partners () (e) (d) If(circumstances:
c) (b) (a) LLP such Answer: The 2020-
up 2. 2.524
In woundedup.be Account If India. If of reduced Iftwo. For If may winding
below by creditors the The for
case th e th e LLP
th e the the wounded th e Nov
creditors the any with In may Jan tribunal LLP a debts liability any
the llability LLP period LLP be Tribunal [2]
liability
fraudulent
purpose intent of [2] and up fraudulent
eventfraud: face has is decideswounded upof or or
made (b ) for of
or (b) solvency is actedunable more of a underState other any the
of
for defraud of
to lin unlimited of a may LLP
the State
case the that liabilities purpose.
any an default against to
than
bemay
th e thfraudulent
e LLP
Scanner
LLP act opinion pay up
LLP dissolved. circumstances
fraudulent of liability the for and
andcreditors
carried fraud circumstances five in six byeither Liability Limited
the its be of
partners CA
partners filing
consecutive intereststhe of wounded
that debts months, the purpose
the
(Section under be Foundation
purpose ofout it with (Section
Tribunalvoluntary LLP.
the by is
who the just th e
the under shall who
LLP a
LLP, 30 Limitedunder financial and number up 63) Partnership Act, acted
be
acted or of Registrar (Section
by or which Paper
any or LLP equitable sovereignty the by unlimited
with which the with
other any Liability Tribunal.of LLP -2
Act, years. partners
intent of the 64) Tribunal intet (2023
person,tororits 2008): a that may for
LLP statement integrity and in 2008.
to partners Partnership
marks) (5 LLP of folowing marks) (5 be al or to Sflabus)
defraud and LLP
and wOund defraud
may any
its of
LLP cf
is
 Answer:
a) on
limited
2021-
advantagesbothofunder
It the (3) (2)
Limited
is partner
LLP.
However,
conduct. any without [Chapter
artnership
fim.
the the a other.
liability July designated law Where
LLP punishableparty Whereas However,
LLPIiable
hybrid the person has Lakhs.towith
for imprisonment 5 mentioned in
corporate LiabilityDiscuss. [2] or to that shall
LLP ofa prejudice
th e a any to LLP. -
such conducted LLP fine the
form employee
(b) such the 5]
partner
who time be The
orwhich with: business samecase
Act. company carrTying in
Partnership
of Limited LLP unlimited
form has to any
act
Limited
business being
sub-section
every(1), was
of hasshallsuffered or anypartner the shall for extent any
employeecríminal on
organisation Liability
on is
acted not affairs
in notterm a carried
ofwithout such forLiability
organization means one
force, the as all
be or whichbe
Partnership
hand any of less business the act or
fraudulently liable proceedings
shall designated on
the
Partnership
any
a the the partner is
partnership loss than may knowiedgewith carried
and if of
any beLLP LLP
th e
structure the or
liable in
extend
50,000
? person
the
in such
unless
(LLP) withoutsuch damage andwhich partner out debts
flexibility manner intent or ..
formed to
then a
fraudulent
tomanner, bya
partner the it or
which gives or pay any
but 2 who
by may authority orpartner, is other
knowledgecompensation such enployee whichyears
of aforesaid established
was for
combines and athe reason
or arise
such liabilities
registeredpartnership
(5 designated
marks)benefits partnerunder may andknowingly
of the
of of purpose
shall the
of such extend byLLP
the the any such LLP. of 2.525
of to or be the the
a is

Liability2022 (4) (3) (2) (section

(1) 13):Rules
Answer: Limited
Liability2021 (d) (c) (b) 2.526
?2,000 every effect If Such suchregistered Afor
registered thereof notíces A
June
- the LLP the document Every venture-
and Due partnership
up
the
toLLP
structure. the its It
is
Partnership partnersconditions LLP only changepurpose
regardingPartnership
Liability Dec most to since partners to
same viewed
but may LLP thetheir extent
(2] by may capitalists
[2]
contravenes upon change officesending post shall viable agreed isa time
(b) which with may be Partnership (b) greater if the as
shall the separate
and
Explain such asthe or
inand addressed be have State
(LLP) business
all benefits an
flexibility
may such by flexibility
contribution
and its alternative
its be may the
any served
it registereda
any the assets Scanner
extend anyfiling.registrar
essential punishable be place form registered
by Act, and other legal of
the otherother rules form of
prescribed post onand in but limited
incorporation to provisions and
of 2008.
change risk entity corporate CA
for only the running
its
its manner, LLPwherea
inaddress
office regarding structure
elements with suchmanner under
registered office investor. small Foundation
is liability
25,000. or wil liability
i.e.
fine of and formspecifically to of therein
they
a a limited be
the
business
as partner which LLP registered
as enterprises and at
under. by which this any certificate
andoffice may may shall ofbusiness
fulty lo w
as operation Paper
registration section, such all liability. thliable
e
cost
manner be or be
becommunications
and per partner vehicde
the shall anddeclared -2
designated
received. and compliance
LLP changeprescribed. prescribed, of changeprovisionsoffice for as
(2023
not the
and
file posting investment LLP wil al per which
Act; of beLLP the of its
by marks) (5 a is traditional
be Sylabus)
marks) (5 a less subjectnotice the
shall therein iabilities
suitable limited provides
2008.
Limited and partner
at or
Limitedof and
than take LLP the and the by at
its to of by
 LLC. lineInpartnership
partnership". d which2022-
helinvest in (7) (6) (5) (4) (3) (2To
) (1)To (c) The(b) (a)Answer:
Incorporation by[Chapter
business provisions
LLPbetweenthedesignated
Identification works.
To person A
responsible To
received.
made
and
corporate). Tobody fom
Under
Following namethe The incorporation
official
seal.issuea() () After a
ofwhereas execute appoint have atleast
have
subnit professional
above Dec should certificateRegister
a certificate
Atleast LLP the
fling
[2] orminimum a 5]
statement entity a have as partner a registered complete inLLPspecified therein.
ar e of The
LLC set LLPNumbernominee one for
(b) partnership certificate incorporation
tengaged
he Registration Limited
participants'liability
that "A a number partners twfor
India: Act , the shall shall document
(Limited out and of inconporation
name.
incorporates
clearly LLP in (DPIN) of of them two officedocuments essential
2008, be be
first its of conclusive signed of and in Liability
Liability(Limited schedule agreement
partner. LLP body individuals incorporation incorporation
elaborate should
duties in the document
allotted
corporate India elements
following by wthin
should with document, Partnership..
Private/Public the Liability beand incorporation evidence the
is In to
thqualities
e fixed between
absence of byresidentIndia. in
as
which the Registrar period a and
LLP hold carrying
MCA.intending designated elements to of of
difference Registrar LLP and LLP, the
Partnership) to all Incorporate that of
the Act, declaration
of of the a communications
out of.LLP and 14
Registrar
amount LLP
Company) a of 2008partners, anyDesignated topartners electronically. are authenticated days:
corporation
between day is
wil the
agreemeDt be (ie. very
incorporated
is appointed as to A shall form
money
they be day who individual essential LLP
marks) (5LLP is a inter retainissued
a type applied. Partner duties/ wil wil
andtightly se by 2.527
and t he
a of or be be or to by hi s by

Answer:
Distinction 2.528
No.(v)of (iv)|Name (ii) Members/(i)
Regulating )
partners
members/ |structure|Internal
governance Partners |Act
Basis
between

ct. |Minimum
nominees.thebody |can The |AMaximum members
on -2 suffix. ||liability
"LLP"as containName |governed
partners.
agreement |knownas The
structure The partners
Contribute
LLP. The LLP
members the LLP Liability
(Limited Scanner
corporate be internal Partnership) and
members
- partnership" the of person
Act,
LLP LLC:
individuals/or No word the between by of to CA
govermanceThe a 2008.
of such LLP Foundation
through the contract|regulated
"limited LLP LLP
in of
whoThe
LLP the limit or to the the are
is
another
organizations,
individuals. Members Maximum
Can on Maximum
company:
Public Company: Private company
Private to Name
word Companiesstructurecompany.|known the The
Minimum Minimum Paper-
the cotain money Companies (Limited
Liability
"limited intermal persons
members. Limited as Company)
business of of membersthe of 2
- -7 200 - -2 to Act, by a in LLC (2023
membersNo members and
the contain the statute
govermance
company shares who
such members as 2013). Act,
formtrusts a Pvt. public Sylabus)
suffix. word ivest 2013
(i.e.
or be limit Co. the
is
are
 reason pay than
thatliablethe to business creditors Answer:
term unlimited
a liability As (LLP)2023
any Liability [Chapter-
Minimum(vii) Management
The(vi) (v)Liabilityof
compensation ? Every
However,
such act per number of partners
-directors
andpartners designatedmembers/
50,000
of which ofsection
carriedPartnership June
act such in for the of its 5]
person
the the The
same all LLP partners [2]
was in may
butmanner
conduct. or LLP out 30 Limited
case and of (b)
without
extent which
extend
to who any
or by Act,
Limited Discuss authorised
Minimum
partners. designated
agreement. |Company agreed
partners |caselimited
Liability
any any partners of any a in
aforesaid was the 2008.case Liability
as may LLP, business of
the such person to oher intention to of
the knowingly 2 debts Liability the contribution
knowledge extend or of the a ..
years who fraud 2 including
managed Partnership
partner act who shall person, any liabilities partners
or designatedPvt.
shareholders.
partners extent
acted
Partnership in
of is
is toand other of as
carried has ?5 be its byfraud.
unless or per the theare
the|The
the
or sufferedpunishable party a partners,
lakhs with liabilities th e
in
for of inunpaidisLiability
\limited
by
of
the the
Limited Public directors
out fine fraudulent any them.
authority isit and to Act,provisions
Co.
managedaffairs
fraudulent
established by any which with the of with2008, Liability Co. onto of
a shal the -2 elected the
loss shallcarrying
partner, imprisonment intent -3
directors the of
shares
the a
also manner
LLP. in by member
of of directors.
the or purpose, thePartnershipthe company
board amount
damage be not to marks) (5 by 2.529
LLP. bythe on defraudevent Limited held
the liable be ofshall the of is|
LLP
LLP less for the bethe of
is by to
Marks CHAPTER

2
Marks 10 12 14 Objective,
of
6
18N Short
tictes
Short The
Notes,
19J

19N Companies
Distnguish

20N
Legend
Examinations
Betaeen,
21J
2.530
21Jul Descrgive

21D
&Practica
Act,
223

22D Ostons
2013
23J