I am confused between limited liability partnership and general partnership firm. What are the major differences between them in practical terms for commerce students? Any help will be appreciated.
In an LLP, each partner’s liability is limited to their agreed contribution. In a general partnership, all partners are jointly liable for all debts and obligations of the firm.
An LLP has a more formal and complex structure, with paperwork like LLP agreement and filings with the registrar. Partnership firms have a simpler and informal structure.
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