What Is a Limited Liability Partnership (LLP)?
A limited liability partnership (LLP) is a flexible legal and tax entity where every partner has a limited personal liability for the debts or claims of the partnership.
Partners of an LLP can benefit from economies of scale by working together while also reducing their liability for the actions of other partners. As with any legal entity, it is important that you check the laws in your nation (and your state) before making decisions. In short, check with a lawyer first. The chances are good that they have firsthand experience with an LLP.
🗣️ Limited liability partnerships (LLPs) allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business.
🗣️ Having business partners means spreading risk, leveraging individual skills and expertise, and establishing a division of labor.
🗣️ Limited liability means that if the partnership fails, then creditors cannot go after a partner’s personal assets or income.
🗣️ LLPs are common in professional businesses like law firms, accounting firms, medical practices, and wealth management companies.
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🔴 In this video - #padhakulog
Teacher's Name - CS Payal Popli
Topic - Meaning of Limited Liability Partnership (LLP)
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