Multiple choice

In a limited liability partnership, the rights and obligations of the partners are as per

  1. Certificate of Incorporation

  2. Schedule II to the LLP Act

  3. Agreement between Partners Act

  4. Agreement between partners and if there is no such agreement, then as per Schedule I to the LLP Act
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The mutual rights and duties of the partners and the mutual rights and duties of the LLP and its partners shall be determined on the basis of LLP agreement between the partners, or between the limited liability partnership and its partners. If there is no agreement as to any matter, the mutual rights and duties of the partners and the mutual rights and duties of the LLP and its partners shall be determined by the provisions relating to that matter as set out in the First Schedule.

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