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CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership

Match the type of entity converting into an LLP with the Schedule of the LLP Act, 2008 that governs the conversion. Entities: (P) Firm, (Q) Private company, (R) Unlisted public company. Schedules: (1) Second Schedule, (2) Third Schedule, (3) Fourth Schedule.

A firm converts under the Second Schedule, a private company under the Third Schedule and an unlisted public company under the Fourth Schedule of the LLP Act, 2008. So the correct matching is P-1, Q-2, R-3.

  1. AP-1, Q-2, R-3Correct
  2. BP-2, Q-1, R-3
  3. CP-1, Q-3, R-2
  4. DP-3, Q-2, R-1

Explanation

Section 55 links a firm to the Second Schedule, Section 56 links a private company to the Third Schedule and Section 57 links an unlisted public company to the Fourth Schedule. Hence P-1, Q-2, R-3. The other options swap the Schedules.

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