Corporate and Other LawsMCQQuestion 12566 of 300
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Under Section 7(1) of the Limited Liability Partnership Act, 2008, every limited liability partnership shall have at least how many designated partners who are individuals?

Select Your Answer (Keyboard: A, B, C, D)
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Correct Answer

✅ Option A — At least two designated partners, of whom at least one must be a resident in India

All Options:

  • AAt least two designated partners, of whom at least one must be a resident in India ✓
  • BAt least three designated partners, all of whom must be Indian citizens
  • CAt least one designated partner who must be a resident in India
  • DAt least two designated partners with no residency requirement

Detailed Solution & Explanation

Correct Answer: Option **A** (At least two designated partners, of whom at least one must be a resident in India) **Statutory Provision (LLP Act 2008 - Section 7 Designated Partners):** Section 7(1) mandates that every LLP shall have at least two designated partners who are individuals and at least one of them shall be a resident in India. Therefore, Option A is the correct legal position under the ICAI curriculum.

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