Which of the following is true about a Limited Liability Partnership (LLP) ?
- It is governed by the LLP Act.
- It provides limited liability to partners.
- It is taxed as double tax (corporate + dividend).
A1 only
B2, 3
C1, 2
DAll
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Related Questions:
Which of the following statements are correct about non-profit organizations ?
- Charities, NGOs, and Educational Institutions are types of non-profit organizations.
- Every non-profit organization must be a charity.
- Non-profit organizations aim primarily for profit generation.
Consider the following statements about the New Economic Policy of 1991:
i. It led to the opening of most industries to private sector participation.
ii. It resulted in a significant increase in the size and growth rate of the Indian economy.
iii. It eliminated all public sector organisations in India.
Which of the statements given above is/are correct?
Assertion (A): Public sector organisations primarily focus on providing goods and services to the general public at relatively lower costs compared to private sector organisations.
Reason (R): The capital for public sector organisations is primarily sourced from tax collections, excise duties, and government-issued bonds.
Select the correct answer from the codes given below:
Which form of organization listed is not governed by any specific law or act?
- Private Limited Company
- Proprietorship Firm
- LLP
- Partnership Firm
Identify the correct statement(s) regarding Proprietorship Firm
- It has the lowest documentation requirements.
- The management is handled by the proprietor.
- It does not enjoys limited liability.