Consider the following statements regarding Limited Liability Partnership (LLP).
1. It provides an alternative to the traditional partnership with unlimited personal liability on the one hand and the statue based company on the other.
2. Unlike company, it does not allow individual partners to be protected from the joint and several liabilities of partners in a partnership firm.
Identify the correct statement.
A. Only 1
B. Only 2
C. Both 1 and 2
D. None of the above
Answer: Option A
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