Last updated: March 3rd, 2023 6:17 PM
What is the Difference Between Partnership & Limited Liability Partnership Firm?
Partnership and Limited Liability Partnership (LLP) are two different types of business structures with some distinct differences. Understanding the difference between Partnership & LLP is crucial for entrepreneurs looking to start a new business or change the form of an existing one. This article will examine the key differences between Partnership & Limited Liability Partnership firm, including liability, legal status, taxation, compliance, and management.Partnership Firm
In the partnership business structure, two or more people own and operate the business together. In a partnership Firm, the partners share the profits and losses of the company and are personally liable for its debts and obligations.Limited Liability Partnership Firm
On the other hand, a limited liability partnership (LLP) is a type of Partnership where the partners have limited liability for the debts and obligations of the business. If the company incurs debts or legal action, the partners' assets are not at risk. LLPs are typically used in professional services such as accounting, law, and consulting.Difference between Partnership & limited liability partnership Firm
Partnership and Limited Liability Partnership (LLP) are two types of business structures with some key differences.
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