Business Laws
The Limited Liability Partnership Act, 2008
5% weightage

Partners

Complete study guide with 5 practice questions, detailed explanations, and expert solutions for Partners in CA Foundation Business Laws.

Practice Questions

5
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2
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2
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1
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Study Notes: Partners

Free study material for CA Foundation Business LawsThe Limited Liability Partnership Act, 2008

LLP Members (Sections 13-23): Members are partners contributing to LLP capital; liable only to contribution extent. Member types: Core members (partners), associate members (non-partners), designated members (regulatory compliance responsibility). Member rights: Profit sharing (as agreed), property participation, indemnity for authorized acts, inspection of LLP books. Member duties: Contribute capital, account for LLP property, avoid conflicts, maintain confidentiality, comply with LLP agreement. Entry: New members admitted by existing members' consent. Exit: Member can withdraw; must give notice; cessation of membership upon death/insolvency. Designated partner duties: File returns, maintain records, ensure compliance, liable for breaches. For accountants, member classification affects profit distribution, liability, and governance rights. Exam tip: Identify member type; apply corresponding rights/duties; assess designated partner compliance obligations.

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