Which one of the following is not a feature of Ltd. Liability Partnership firm

Explanation

None of the given options is not a feature of a Limited Liability Partnership (LLP) firm. The correct option should be “All of the given options are features of Ltd. Liability Partnership firm”. The main features of LLP firm are: – It has a separate legal entity from its partners – The liability of partners is limited to their contribution in the firm – Partnership and management are separate – There is no limit on the number of partners – The internal governance of the firm may be decided by mutual agreement among partners – It is a corporate body with perpetual succession – It has the flexibility of a partnership and the advantages of a company