Which of the following is/are the feature(s) of the Limited Liability Partnership (LLP)?
1. It acts as a separate legal entity and distinct from the individual partners.
2. It is used only in the quaternary sector.
Select the correct answer using the code given below:
1 only
2 only
Both 1 and 2
Neither 1 nor 2
The features of the Limited Liability Partnership (LLP) are:
• LLP structure is available for use by any enterprise.
• It has a low formation cost and is easy to set up.
• LLP is a separate legal entity and distinct from the individual partners.
• Liability of each partner is limited to his share, as mentioned in the agreement, compared to regular partnership firms, which have unlimited liability.
• There are few restrictions and compliance enforced on a LLP by the government, when compared to the restrictions enforced on a company.
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