- 1 Marks
Question
The minimum number of designated partners that a limited liability partnership must have is:
A. One
B. Two
C. Three
D. Four
E. Five
Answer
Answer:
B. Two
Explanation:
In a limited liability partnership (LLP), the law generally requires a minimum of two designated partners. These partners are responsible for the day-to-day management of the partnership and compliance with regulatory requirements. This structure ensures that there are enough partners to handle the responsibilities without compromising the liability protection offered by the LLP.
- Topic: Partnership Law
- Series: MAY 2024
- Uploader: Dotse