Consider the following statements about Limited Liability Partnership LLP and choose the correct one...........

Economic Affairs Financial Markets

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Consider the following statements about Limited Liability Partnership (LLP) and choose the correct ones

1.LLPs can come out with its initial public offerings

2.Minimum of 2 partners are required to form a LLP

3.The LLP has separate legal entity

code:

1 and 2 only

2 and 3 only

1 and 3 only

All of the above

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Explanation:

2 and 3 only

Statement 1 is incorrect. Limited Liability Partnerships (LLPs) cannot come out with their initial public offerings (IPOs). Unlike public companies, LLPs are not authorized to issue shares to the public.

Statement 2 is correct. A minimum of 2 partners are indeed required to form an LLP.

Statement 3 is also correct. LLPs have a separate legal entity distinct from its partners, which means it can sue or be sued in its own name, and it has perpetual succession.

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