LLP Act MCQ Quiz in தமிழ் - Objective Question with Answer for LLP Act - இலவச PDF ஐப் பதிவிறக்கவும்

The correct answer is Section 21.

Key Points 

• Section 21 of the Limited Liability Partnership Act, 2008 deals with the Publication of name and limited liability of the LLP.

The correct answer is The agent of the limited liability partnership, but not of other partners.

Key Points 

• According to Section 26 of the LLP Act, every partner is an agent of the LLP in its business dealings.
• This means that each partner has the authority to bind the LLP in contracts and other agreements made on its behalf.
• However, it's important to note that a partner's agency is not unlimited and only extends to actions within the scope of the LLP's business.

Exceptions:

• The LLP agreement can specify limitations on a partner's authority to act as an agent.
• In certain cases, a partner may be held personally liable for the LLP's debts, such as if they acted fraudulently or beyond their authority.

Benefits:

• Section 26 encourages effective decision-making by allowing partners to act independently within the scope of their authority.
• It also helps to protect the personal assets of partners from LLP liabilities.

The correct answer is Section 72.

Key Points

• Section 72 deals with the jurisdiction of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the LLP Act, 2008.

• The NCLT shall exercise such powers and perform such functions as are, or may be, conferred on it by or under the LLP Act, 2008 or any other law.
• This essentially grants the NCLT broad jurisdiction to handle matters related to LLPs, including:
  • Winding-up of LLPs
  • Appointment of administrators or liquidators
  • Approval of schemes of arrangement or compromise
  • Adjudication of disputes between partners or between the LLP and its partners
  • Any other matter related to the operation and management of LLPs as may be prescribed by law.
• Any person aggrieved by an order of the NCLT may prefer an appeal to the NCLAT.
• However, there is a proviso that no appeal shall lie to the NCLAT from an order made by the NCLT with the consent of all parties involved.

The correct answer is Both of above.

Key Points 

• Section 73 of the Limited Liability Partnership (LLP) Act, 2008 dealt with the penalty for non-compliance with any order passed by the Tribunal.
• However, this section was omitted by the Limited Liability Partnership (Amendment) Act, 2021, which came into effect on April 1, 2022.

Section 73: Penalty on non-compliance of any order passed by Tribunal:

• Anyone who failed to comply with an order issued by the Tribunal under the LLP Act could be punished with:
  • Imprisonment for up to six months
  • Fine of at least ₹50,000

The correct answer is Central Government.

Key Points 

• Section 78 of the LLP Act, 2008 deals with the Power to alter Schedules.

• The Central Government has the authority to modify any of the provisions contained in any of the Schedules of the Act.

• This power can be exercised by issuing a notification in the Official Gazette.

Effect of alteration:

• Any modification notified under sub-section (1) shall have the same effect as if it was enacted in the Act itself.
• The alteration comes into force on the date of the notification, unless the notification specifies otherwise.

The correct answer is Form 8.

Key Points 

• Every Limited Liability Partnership (LLP) in India is required to file a Statement of Account and Solvency in the prescribed form. This form is known as LLP Form 8.
• This form contains a declaration on the state of solvency of the LLP by the designated partners and also information related to the statement of assets and liabilities and statement of income and expenditure of the LLP.

All LLPs registered in India are required to file Form 8 annually, except for those that:

• Have a turnover of less than or equal to Rs. 40 lakhs and
• Partners' contribution is less than or equal to Rs. 25 lakhs.

Form 8 requires LLPs to disclose the following information:

• Particulars of the LLP: Name, LLP Identification Number (LLPIN), registered office address, etc.
• Financial information:
  • Balance Sheet
  • Profit and Loss Account
  • Schedules showing details of assets, liabilities, income, and expenses
• Solvency position: Declaration of solvency by the designated partners.
• Turnover and partner contribution: Declaration of whether the turnover and partner contribution thresholds are met.
• Charges: Details of any charges created by the LLP on its assets.

The correct answer is Both of above.

Key Points

• Section 37 of the LLP Act deals with the penalty for making a false statement in any document required to be filed with the Registrar under the Act.
• This includes documents like the application for incorporation, annual returns, and any other documents prescribed by the Act or the Rules.

Punishment:

• Imprisonment for a term which may extend to two years.
• Fine which may extend to five lakh rupees but shall not be less than one lakh rupees.

Who can be penalized:

• Any person who makes a false statement in any document required to be filed with the Registrar.
• This includes:
  • Partners of the LLP.
  • Designated partners (DPs).
  • Professionals like chartered accountants, company secretaries, and cost accountants who certify or authenticate any document filed with the Registrar.

The correct answer is Section 39.

Key Points

• Section 39 of the LLP Act, deal with the "Compounding of offences" .
• Power to compound: The Central Government can compound any offence under the LLP Act that is punishable only by a fine.
• Procedure: The Central Government can collect a sum from the person suspected of committing the offence, up to the maximum fine prescribed for that offence.
• Intimation to Registrar: If the offence is compounded, either before or after prosecution is initiated, the Registrar must be notified within seven days of compounding.
• Discharge from prosecution: Once the offence is compounded, the person involved is discharged from any pending prosecution for that offence.
• Compounding is only possible for offences punishable by fine only. Offences involving imprisonment cannot be compounded.
• The Central Government has discretion in deciding whether or not to compound an offence.

The correct answer is Section 81, Schedule 4.

Key Points

• A Limited Liability Partnership (LLP) in India is governed by the Limited Liability Partnership Act, 2008.

This Act consists of:

• 81 Sections: These sections define the legal framework for LLPs in India, covering topics such as incorporation, governance, accounts and audit, winding up, and offenses and penalties.
• 4 Schedules: These schedules provide additional details and rules related to specific aspects of LLPs.

Schedule I:

• Form 1: Notice of Incorporation of LLP
• Form 2: Details of Designated Partners
• Form 3: Consent to act as Designated Partner

Schedule II:

• Form 4: Application for Conversion of Firm into LLP
• Form 5: Statement of Accounts and Solvency
• Form 6: List of Partners
• Form 7: Agreement for Conversion of Firm into LLP

Schedule III:

• Form 8: Application for Conversion of Private company into LLP
• Form 9: Statement of Accounts and Solvency
• Form 10: List of Directors and Shareholders
• Form 11: Agreement for Conversion of Private company into LLP

Schedule IV:

• Form 12: Application for Conversion of Unlisted Public Company into LLP
• Form 13: Statement of Accounts and Solvency
• Form 14: List of Directors and Shareholders
• Form 15: Agreement for Conversion of Unlisted Public Company into LLP

The correct ans is 31 March 2009.

Key Points 

• The enforcement date of the Limited Liability Partnership Act is 31st March, 2009.
• This date is significant because it marks the point at which the Act became law and businesses could start registering as limited liability partnerships.

Some other important date of the Limited Liability Partnership Act:

• Enacted by Parliament: 12th December 2008
• Assented to: 7th January 2009
• Commenced: 31st March 2009

Therefore, while the Act was enacted in December 2008 and received assent in January 2009, it wasn't until March 31st that it officially came into force.