Recently (in year 2010) we read in the newspapers that Reserve Bank of India is planning to amend its rules to control the non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms as more and more NBFC turning themselves to LLPs. Which
among the following is the most appropriate reasons why the LLPs are getting so much popular among these NBFCs?
Because LLPs are introduced and promoted by Ministry of Corporate Affairs, Government of India
Because LLPs have easier winding up procedures and the liability of a partner is limited to the extent of his or her contribution to the LLP.
Because LLPs are easy to introduce and start a business and little capital is required to start a LLP
Since the LLPs are promoted by the Ministry of Corporate Affairs, they involve some facilities and sops by the government which are not available to NBFC
The Rules of Business for LLPs are simpler and they are having lesser control of the Reserve Bank of India
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