ACCOUNTING FOR LIMITED LIABILITY PARTNERSHIP
Multiple Choice Questions :
1)LLP should have minimum ______ partners.
a. 7 b. 50 c. 2 d. 3
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 _______ is required to annually
get its accounts audited by any Chartered Accountant in practice.
a. Rs.40,00,000 b. Rs.1,00,000 c. Rs.25,00,000 d. Rs.50,00,000
7) A limited liability partnership whose turnover exceeds __________ is required to annually
get their accounts audited by any Chartered Accountant in practice.
a. Rs.40,00,000 b. Rs.1,00,000 c. Rs.25,00,000 d. Rs.50,00,000
8) LLP is governed by ________.
a. Partnership Act 1932 b. Companies Act 1956
c. Limited Liability Partnership Act 2008 d. Companies Act 2013
9) ______ 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) _______ 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
12) Limited Liability Partnership Act, 2008 came into effect by way of notification dated
________.
a. 31st March 2008 b. 31st March 2009 c. 31st March 2010 d. 31st March 2011
13) Designated partner means any partner designated as such pursuant to section ________ of
Limited Liability Partnership Act 2008.
a. 7 b. 8 c. 10 d. 11
14) Change in address of partner to be informed to LLP within _______ days of such change.
a. 20 b. 22 c. 15 d. 17
15) The liability of partners in LLP is limited to the extent to their ____________.
a. expenses b. income c. contribution d. assets
16) Any vacancy arising in the office of designated partner shall be filled within ______ days.
a. 30 b. 22 c. 25 d. 20
17) Form ____ is applicable for Statement of Account & Solvency.
a. 80 b. 18 c. 8 d. 800
18) Appointment of auditor for each financial year should be done before ____________ of
that financial year.
a. 1st September b. 1st March c. 30th September d. 31st March
19) Annual return to be filed by the LLP with Registrar within ____ days from end of
financial year.
a. 65 b. 60 c. 30 d. 25
20) ________ days notice is required to LLP for resignation by an partner.
a. 20 b. 25 c. 30 d. 40
