Correct option is D
Under the Limited Liability Partnership (LLP) Act, 2008, there is no limit on the maximum number of partners in an LLP. This flexibility makes LLPs a preferred business structure for entities requiring a large number of partners, such as professional firms, consultancies, or joint ventures.
Information Booster:
Key Features of LLP Structure:
1. Separate Legal Entity: LLPs have a distinct legal identity.
2. Unlimited Number of Partners: Encourages scalability and flexibility.
3. Limited Liability: Partners’ liability is restricted to their contribution.
4. Perpetual Succession: The LLP continues irrespective of changes in partners.
Additional Knowledge:
· Minimum Number of Partners: An LLP must have at least two designated partners, one of whom must be a resident of India.
· Comparison with Partnerships: Traditional partnerships under the Indian Partnership Act, 1932, limit the maximum number of partners to 50.