Which of the following is true about Limited Liability Partnership ........

Indian Partnershoip Act (IPA) 1930 Right and Duties etc

Which of the following is true about Limited Liability Partnership?

A Limited Liability Partnership is a business arrangement whereby the liability held by each of the partners is limited by law.

The Limited Liability Partnership business vehicle is a legal entity having its existence independent from its partners where their rights and duties are determined in terms of the agreement between them

Limited Liability Partnership Act, 2008 came into force on 31st March 2009

All of the above

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Explanation:

- Option 1: A Limited Liability Partnership (LLP) does indeed limit the liability of each partner. This means partners aren't personally liable for the debts of the business beyond their investment.

- Option 2: An LLP is a separate legal entity. It has its own legal identity, distinct from its partners. Relationships, rights, and responsibilities are detailed in the partnership agreement.

- Option 3: The Limited Liability Partnership Act of 2008 came into effect on 31st March 2009, establishing the basic framework for LLPs in India.

- Option 4: All of the above statements are correct.