New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Any partner of an LLP

    is:
    A personally liable Correct Answer Incorrect Answer
    B not personally liable Correct Answer Incorrect Answer
    C personally liable for commercial profit to LLP Correct Answer Incorrect Answer
    D not personally liable except in case of his own wrongful act or omission Correct Answer Incorrect Answer

    Solution

    LLP Act Section 28. Extent of liability of partner—(1) A partner is not personally liable, directly or indirectly for an obligation referred to in sub-section (3) of section 27 solely by reason of being a partner of the limited liability partnership. (2) The provisions of sub-section (3) of section 27 and sub-section (1) of this section shall not affect the personal liability of a partner for his own wrongful act or omission, but a partner shall not be personally liable for the wrongful act or omission of any other partner of the limited liability partnership.

    Practice Next