Question 5 (a)
LLP a person different from its partners
9.375 marks
- Time to write
- About 19 minutes
From an older CBCS paper
Question
Question 5 (a) · 9.375 marksQ.5. “In law, a Limited Liability Partnership is a person altogether different from its partners.” Comment on the statement,
Reworded from the university paper; the task is the same. The original paper belongs to the University of Delhi. See DU's question bank.
Before you write
Read off the question and its marks
Read from the question
- CommentA statement to judge: take a stand on it in your first line, and come back to it at the end.
What the paper leaves open
The paper prints no mark per question (any four of six, equal marks, 75 in all); each question is reckoned here at 18.75 marks. Marked as one question of 18.75 marks; answered here in 2 parts of 9.375 marks each (marks inferred).
Write it in this order
- Read; underline the asks; jot your points 1 min
- 1 A person different from its partners 9.4 marks 17 min
- Check: every ask answered, key terms underlined 1 min
Try it first. About 19 minutes for 9.375 marks. Write it out, then open the solution.
Solution
Hover or tap a marked figure, like 72,000, to see how it is made and where else it appears.
A person different from its partners. The statement is correct. Sections 2(1)(d) and 3 of the Limited Liability Partnership Act, 2008 provide that an LLP is a body corporate formed and incorporated under the “Act and is a legal entity separate from that of its partners”, with perpetual succession, so that any change in its partners does not affect its existence, rights or liabilities:
- it can continue irrespective of the death, insanity, retirement or insolvency of partners;
- it can enter into contracts and hold property in its own name;
- it is liable to the full extent of its assets, while the partners' liability is limited to their agreed contribution; its creditors are its creditors alone; and
- its partners are agents of the LLP alone, and no partner binds another.
Where the 9.375 marks sit
| # | Component | Marks |
|---|---|---|
| 1 | A person different from its partners | 9.375 |
| Total | 9.375 |
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