Question 4 (b) part i
LLP as a legal entity distinct from its members
3 marks
- Time to write
- About 6 minutes
From an older CBCS paper
Question
Question 4 (b) part i · 3 marks- “A Limited Liability Partnership is, in law, an entity distinct from its members, whether taken individually or collectively.” Comment.
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
Marked as one question of 6 marks; answered here in 2 parts of 3 marks each (marks inferred).
Write it in this order
- 1 (i) LLP a legal entity distinct from its members 3 marks 6 min
Try it first. About 6 minutes for 3 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.
(i) LLP a legal entity distinct from its members. 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; any change in its partners does not affect its existence, rights or liabilities. It can enter into contracts and hold property in its own name, and is liable to the full extent of its assets, while the partners' liability is limited to their agreed contribution.
Where the 3 marks sit
| # | Component | Marks |
|---|---|---|
| 1 | (i) LLP a legal entity distinct from its members | 3 |
| Total | 3 |
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