GreenLeaf LLP is a limited liability partnership engaged in the business of eco-friendly product manufacturing. The LLP was initially established…
CA Intermediate · Corporate and Other Laws · MTP · September 2024
GreenLeaf LLP is a limited liability partnership engaged in the business of eco-friendly product manufacturing. The LLP was initially established with three partners: Priya, Sameer, and EcoCorp Ltd., a corporate entity. Priya and Sameer are the designated partners, with Priya being a resident in India. EcoCorp Ltd. has appointed Anil, an individual, as its nominee to act on its behalf. After a few years, Sameer decides to retire, leaving Priya and EcoCorp Ltd. as the remaining partners. Due to some administrative oversight, GreenLeaf LLP continues its operations without appointing a new partner. This situation persists for seven months, with Priya being aware of the reduced number of partners. During this period, GreenLeaf LLP enters into several contracts and incurs significant financial obligations. On the basis of above facts and by applying applicable provisions of the Limited Liability Partnership Act, 2008, and the applicable Rules therein, choose the correct answer (one out of four) of the following Multiple Choice Questions (MCQs 6-8) given herein under:
Suggested Answer and Working Notes:
Correct Answer: Option (D)
Appointed at least one more partner who should also be a designated partner, as every LLP should have at least two designated partners
Topics: The Foreign Exchange Management Act, 1999, The Limited Liability Partnership Act, 2008
Related Questions in this Topic
- 14. Which of the following statements is/are correct with respect to the effect of repeal of an enactment under Section ...
- 12. Radiant Pharma Limited is a public company. Three of its major shareholders Mr. Kabir, Ms. Leela, and Sunrise Holdin...
- Ms. Rashida Qureshi is an Indian national. The following events occurred in sequence: 5th April, 2025: Ms. Rashida dep...
- Apex Green Energy LLP, engaged in the business of manufacturing solar-powered equipment, has been facing severe liquidit...
- Indian real estate market has long been a cornerstone of nation's economic growth attracting not only local demand but i...