Accounting for Limited Liability Partnership MCQ’s | Financial Accounting (Free Resource)
Accounting for Limited Liability Partnership MCQ
1. LLP should have minimum
(a) 7 partners
(b) 50 partners
(c) 2 partners
(d) 3 partners
2. The maximum number of partners LLP can have is
(a) 7 partners
(b) 50 partners
(c) 2 partners
(d) No limit
3. Every limited liability partnership shall have at least________ designated partners who are individuals.
(a) 7
(b) 50
(c) 2
(d) 3
4. At least_________ of the designated partners of every limited liability partnership shall be a resident in India.
(a) one
(b) two
(c) three
(d) seven
5. In absence of LLP Agreement, the mutual rights of Partners and in relation to LLP will be determined as per Schedule_________ of the LLP Act 2008.
(a) I
(b) II
(c) VI
(d) VIII
6. A Limited Liability Partnership whose contribution exceeds Rs________ is required to annually get its accounts audited by any Chartered Accountant in practice.
(a) 40 Lakh
(b) 1 lakh
(c) 25 Lakh
(d) 50 lakh
7. A Limited Liability Partnership whose turnover exceeds Rs_________ is required to annually get their accounts audited by any Chartered Accountant in practice.
(a) 40 Lakh
(b) 1 lakh
(c) 25 Lakh
(d) 50 lakh
8. LLP is governed by
(a) Partnership Act, 1932
(b) Companies Act, 1956
(c) Limited Liability Partnership Act, 2008
(d) Companies Act, 2013
9. Following can become a partner in the LLP:
(a) Company incorporated in India
(b) LLP incorporated outside India
(c) Individuals resident outside India
(d) any of the above
10. Following can become a partner in the LLP:
(a) Company incorporated outside India
(b) LLP incorporated in India
(c) Individuals resident in India
(d) any of the above
11. A partner of LLP has the following right, only if provided in the LLP agreement
(a) participate in the management of the LLP
(b) get remuneration for participating in the management of LLP
(c) share equal profits in the LLP
(d) transfer his right to share in the profit/losses of the LLP
| Answers: 1)2 partners 2)No limit 3)2 4)one 5)I 6)25 Lakh 7)40 Lakh 8)Limited Liability Partnership Act, 2008 9)any of the above 10)any of the above 11)get remuneration for participating in the management of LLP |
