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Features of LLP.(limited liability partnership)

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Features of LLP.(limited liability partnership)

Posted by Thakur Harshita Singh 5 years, 2 months ago

CBSE > Class 11 > Business Studies

3 answers

Kshitij Jain 5 years, 2 months ago

In this type of partnership one partner has unlimited liability while the other partners have limited liability to the extent of the capital contributed by them. Registration of this type of partnership is compulsory. The continuity of the business is not affected by the death, insanity, retirement or insolvency of the limited liability partners.

Yogita Ingle 5 years, 2 months ago

They are a separate legal entity from their Members.
They have the benefit of limited liability for their Members.
They are taxed as a partnership.
They have the organisational flexibility of a partnership.
Any agreement (“LLP agreement”) between the Members governing the operation of the LLP is a private document which is confidential to the Members.
They must have at least two “designated” Members.
Their “trading disclosure” requirements are similar to those of a company.
They must be registered at Companies House.
Their accounting and filing requirements are similar to those of a company.
They have the ability to create floating charges.

Deeya Malhotra 5 years, 2 months ago

This kind of partnership is based upon liability in limited liability partnership the liability of the at least one member is unlimited and the others rest members have their limited liability

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