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Standard XII
Business Environment, Ethics and Management
Question

Which of the following is/are advantage of LLP?
  1. Personal assets of the partners are liable in all cases.
  2. Much more difficult to dissolve or wind up
  3. All of above
  4. No requirement to maintain statutory records except books of account

A
No requirement to maintain statutory records except books of account
B
Much more difficult to dissolve or wind up
C
All of above
D
Personal assets of the partners are liable in all cases.
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Solution
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The LLP is compulsorily required to maintain proper books of accounts relating to its affairs for each year on cash basis or accrual basis and shall maintain the same at its registered office for eight years from the date on which they are made but there is no requirement to maintain statutory records, its an advantage of the LLP.
Thus the correct answer is C.

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