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 is/are correct about non-profit organisations (NPOs)?
i. NPOs are legally recognized as tax-exempt entities in India.
ii. They distribute excess profits to shareholders or members.
iii. They are expected to operate independently from the government.
iv. Their primary objective is to serve public or social purposes.
Consider the following statements about Private Organisations:
(i) They can raise funds through loans, shares, and debentures.
(ii) They operate in sectors like information technology and pharmaceuticals.
(iii) Their primary motive is public welfare over profit.
Which of the following statements is/are correct about private sector organisations?
i. They can raise capital through loans, shares, and debentures.
ii. They are completely free from government regulations.
iii. They focus on customer needs to ensure long-term survival.
iv. They include entities like sole proprietorships, partnerships, and multinational corporations.
Consider the following statements about the differences between Public and Private Organisations:
(i) Public organisations source capital from taxes and bonds, while private organisations use loans and shares.
(ii) Public sector areas include police and military, while private sector areas include finance and hospitality.
(iii) Both public and private organisations have identical promotion criteria based on seniority.
Which of the statement(s) given above is/are correct?
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?