The correct answer is C. Limited Liability Partnership Act, 2008.
The Limited Liability Partnership Act, 2008 (LLP Act) is an Act of the Parliament of India to provide for the incorporation of limited liability partnerships and to regulate their formation and management. The LLP Act came into force on 31st March 2009.
The LLP Act is a self-contained statute and does not apply to partnerships governed by the Partnership Act, 1932. The LLP Act provides for a separate legal entity for an LLP, with its own assets and liabilities. The members of an LLP are not personally liable for the debts and obligations of the LLP, except in certain limited circumstances.
The LLP Act also provides for a number of other features of LLPs, such as the requirement for an LLP to have at least two members, the need for an LLP to have a registered office in India, and the requirement for an LLP to file annual returns with the Registrar of Companies.
The LLP Act has been welcomed by many as a more flexible and efficient
form of business organization than the traditional partnership or company. The LLP Act has also been seen as a way to attract foreign investment into India.The following are the options for the question:
A. Partnership Act, 1932: The Partnership Act, 1932 is an Act of the Parliament of India to regulate the relationship between partners of a partnership. The Partnership Act does not apply to limited liability partnerships.
B. Companies Act, 2013: The Companies Act, 2013 is an Act of the Parliament of India to consolidate and amend the law relating to companies. The Companies Act does not apply to limited liability partnerships.
C. Limited Liability Partnership Act, 2008: The Limited Liability Partnership Act, 2008 (LLP Act) is an Act of the Parliament of India to provide for the incorporation of limited liability partnerships and to regulate their formation and management. The LLP Act came into force on 31st March 2009.
D. Limited Liability Partnership Act, 2010: There is no Limited Liability Partnership Act, 2010.