New Enroll in RBI Gr B 2025 Exclusive New Batch on March 18

    Question

    Who are responsible for legal non-compliance and

    penalties under LLP Act?
    A LLP Correct Answer Incorrect Answer
    B Partners Correct Answer Incorrect Answer
    C Designated Partners Correct Answer Incorrect Answer
    D Both (b) and (c) Correct Answer Incorrect Answer

    Solution

    Section 8  Liabilities of designated partners.—Unless expressly provided otherwise in this Act, a designated partner shall be— (a) responsible for the doing of all acts, matters and things as are required to be done by the limited liability partnership in respect of compliance of the provisions of this Act including filing of any document, return, statement and the like report pursuant to the provisions of this Act and as may be specified in the limited liability partnership agreement; and (b) liable to all penalties imposed on the limited liability partnership for any contravention of those provisions.

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