Meera, a partner in a firm, withdraws her share of capital without informing the other partners, resulting in financial strain on the firm. Which feature of partnership prevents such actions?

1. Mutual consent among partners
2. Written agreement
3. Sharing of profits and losses
4. Unlimited liability

A company required funding for expansion but did not want unlimited liability for its partners. What type of partnership would best suit their needs?

1. General Partnership
2. Partnership at Will
3. Limited Liability Partnership (LLP)
4. Particular Partnership

Two friends, Ajay and Sameer, jointly own a property but do not run a business with it. Can this arrangement be considered a partnership?

1. Yes, because they jointly own a property
2. No, because they are not running a business
3. Yes, if they share the rental income equally
4. No, because partnership must involve more than two people

Assertion (A): In a Limited Liability Partnership (LLP), the liability of the partners is limited to their agreed contribution.

Reasoning (R): An LLP is a hybrid form of business organisation combining features of a partnership and a joint-stock company.

1. Both A and R are true, and R is the correct explanation of A.
2. Both A and R are true, but R is not the correct explanation of A.
3. A is true, but R is false.
4. A is false, but R is true.