State four features of limited liability partnership.

1.	State four features of limited liability partnership.
Answer» The four features of limited liability partnership: 1. It is a corporate body having a seperate legal entity. 2. The provisions of the Indian Partnership Act, 1932 does not apply on LLP, but the provisions of the Companys Act can be applied. 3. The liability of each partner will be limited to an agreed ratio. 4. The mutual rights and duties of partners and their obligations towards the firm are determined by the provisions of this act.

Answer»

The four features of limited liability partnership:

1. It is a corporate body having a seperate legal entity.

2. The provisions of the Indian Partnership Act, 1932 does not apply on LLP, but the provisions of the Companys Act can be applied.

3. The liability of each partner will be limited to an agreed ratio.

4. The mutual rights and duties of partners and their obligations towards the firm are determined by the provisions of this act.

Discussion