Multiple choice

Upon the coming into force of the Limited Liability Partnership Act, 2008,

  1. the Indian Partnership Act, 1932 stands repealed

  2. the provisions of the Indian Partnership Act, 1932 ipso facto apply to limited liability partnerships (LLPs) also

  3. both the acts coexist, but the provisions of the Indian Partnership Act, 1932 are not applicable to LLPs, same as otherwise provided

  4. the Limited Liability Partnership Act, 2008 is applicable to only metropolitan cities as defined there in and the Indian Partnership Act, 1932 continues to apply to the rest of the country
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Option (1) is incorrect: The Indian Partnership Act, 1932 is applicable on partnership firms and Limited Liability Partnership Act, 2008 is applicable on LLPs. Option (2) is incorrect: The provisions of the Indian Partnership Act, 1932 does not apply to limited liability partnerships. Option (3) is correct: The provisions of the Indian Partnership Act, 1932 are not applicable to LLPs, except whereas provided by law. Option (4) is incorrect: No such provision.

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