BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Local Labour Promotion
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Low Labour Projects
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Limited Loan Partnership
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Limited Liability Partnership
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Detailed explanation-1: -LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. • The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
Detailed explanation-2: -Foreign nationals, including foreign companies and LLPs, can incorporate an LLP in India, provided at least one designated partner is a resident of India. However, the LLP/Partners must comply with all relevant foreign exchange laws/ rules/ regulations/ guidelines.
Detailed explanation-3: -Partners are agents of LLP but not the agents of other partners. An individual or body corporate may become a partner in LLP. LLP must have at least two individuals as Designated Partners. At least one of the Designated Partners must be resident in India.
Detailed explanation-4: -What are the restrictions in respect of minimum and maximum number of partners in an LLP? A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.