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Business law 4

  Question 4 : “Limited Liability Partnership (LLP) is a hybrid between company and partnership”  Elaborate. Explain the procedure of conversion of a partnership firm to LLP and the  consequences of such conversion under the Second Schedule.  An LLP is running with one partner from 15 th July 2020 till date. What are the  consequences of doing so. Explain mentioning who can file the petition as well as  powers of the Tribunal. ANSWER :  Features of LLP The main features of LLP are: LLP is a body corporate and a legal entity separate from its partners. The LLP has a perpetual succession. The Rights & Duties of partners of an LLP and those of the LLP and its partners shall be governed by an agreement between partners or between the LLP and the partners. The Liability of the partners is limited to their agreed contribution in the LLP which may be tangible or intangible in nature or both tangible & intangible in nature. LLP shall maintain annu...
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