Which of the following points are considered as salient features of Limited Liability Partnership (LLP)?
A. LLP is a body corporate

B. LLP is a legal entity separate from its partners

C. LLP does not enjoy perpetual succession

D. Partners of LLP have unlimited liability

E. LLP is an artificial legal person
Choose the correct answer from the options given below:

Correct option is A

· LLP is a body corporate (A): It has a distinct legal identity under the LLP Act, 2008.
· LLP is a separate legal entity from its partners (B): Like a company, an LLP exists independently of its partners.
· LLP enjoys perpetual succession (C is incorrect): It continues to exist even if partners change.
· Partners of LLP have limited liability (D is incorrect): They are not personally liable for the LLP’s debts.
· LLP is an artificial legal person (E): It is created by law and enjoys rights like a corporate entity.