[amp_mcq option1=”Limited Liability Partnership” option2=”Other Partners” option3=”Both A and B” option4=”Registrar” correct=”option3″]
The correct answer is: C. Both A and B.
A limited liability partnership (LLP) is a type of business structure that combines the limited liability of a corporation with the flexibility and tax advantages of a partnership. In an LLP, each partner is an agent of the partnership, which means that they are personally liable for the debts and obligations of the partnership. However, partners are not personally liable for the debts and obligations of other partners.
The registrar is a government official who is responsible for registering businesses and other legal entities. The registrar does not have any authority over the affairs of an LLP.
Here is a brief explanation of each option:
- Option A: Limited Liability Partnership. Partners are agents of the LLP, which means that they are personally liable for the debts and obligations of the partnership.
- Option B: Other Partners. Partners are also agents of each other, which means that they are personally liable for the debts and obligations of other partners.
- Option C: Both A and B. This is the correct answer. Partners are agents of both the LLP and other partners.
- Option D: Registrar. The registrar is a government official who is responsible for registering businesses and other legal entities. The registrar does not have any authority over the affairs of an LLP.