Correct Option (A):
The statement "Partners should be less than 20" is not a feature of a Limited Liability Partnership (LLP). The Limited Liability Partnership Act, 2008, does not impose any upper limit on the number of partners in an LLP. This distinguishes an LLP from a traditional partnership firm, which is subject to limits on the maximum number of partners under the Indian Partnership Act, 1932 (e.g., 20 for non-banking businesses).
Incorrect Options:
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Option (B): In an LLP, the partners themselves can manage the business. There is no mandatory separation between ownership and management, unlike in a typical company structure, allowing for flexibility in operational control.
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Option (C): The internal governance structure, including the rights and duties of partners, is determined by mutual agreement among the partners, typically documented in the LLP agreement. This contractual freedom allows partners to tailor the management framework to their specific needs.
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Option (D): An LLP is a body corporate formed and incorporated under the Limited Liability Partnership Act, 2008. It possesses perpetual succession, meaning its existence is independent of its partners, and changes in partners (e.g., death, retirement, or insolvency) do not affect its continuity.