Distinguish between the following: 'Limited liability partnership' and 'body corporate'.
CS Executive · Company Law · PYQS · June 2015
Distinguish between the following: 'Limited liability partnership' and 'body corporate'.
Answer & Explanation:
Limited Liability Partnership (LLP) and Body Corporate LLP is an alternative form of corporate business, not being a company, that gives the benefits of limited liability of a company and the flexibility of a partnership. LLP is covered under the Limited Liability Partnership Act, 2008 while term "Body Corporate" as defined under section 2(11) of Companies Act, 2013 includes a Company incorporated outside India but does not include: a co-operative society registered under any law relating to co-operative societies; and any other body corporate (not being a company as defined in this Act), which the Central Government may, by notification, specify in this behalf; A body corporate may be a company incorporated by one person as One Person Company. LLP can't be incorporated by one person. A LLP may be a body corporate but the vice-versa may not be true. LLP will have lesser compliance requirements as compared to a company.
Topics: Types of Companies and Body Corporate
Related Questions in this Topic
- Suresh, the statutory auditor of A Ltd., during the course of the audit detected a fraud against the company by an emplo...
- Examine the validity of Tribunal's order to wind up the company in the following circumstances: Petition is presented by...
- Examine the validity of Tribunal's order to wind up the company in the following circumstances: The registrar has presen...
- A compromise is proposed between Jay Chemicals Ltd. and its creditors. The Tribunal on an application from the creditors...
- The name of Orient Builders Private Ltd. was struck off by the Registrar of Companies on the application of the company ...