__________ is/are not true with regard to Limited liability partnership.(A) Separate Legal entity(B) Unlimited liability for one partner(C) Indian Partnership Act, 1932 is applicable(D) Perpetual Succession(E) Unlimited liability of partnersChoose the correct answer from the options given below:
- A(A) and (B) Only
- B(C) and (E) Only
- C(B) and (C) Only
- D(D) and (E) Only
Solution & Step-by-step Explanation
In a Limited Liability Partnership (LLP):It is a separate legal entity and has perpetual succession (Statements A and D are true).The liability of partners is limited to their agreed contribution, meaning statement E (Unlimited liability of partners) and statement B (Unlimited liability for one partner) are false.The Indian Partnership Act, 1932 is not applicable to LLPs; instead, they are governed by the Limited Liability Partnership Act, 2008. Hence, statement C is false.The question asks for statements that are not true, which are (C) and (E).