Question

Differenciate between limited liability parternship and general partnership.​

Answer 1

Explanation:

A limited partnership is a relationship where one or more partners are not involved in the day-to-day management of the business. ... A general partner may invest money into the company. However, a general partner may also be personally liable for the debts of the company, while the limited partner is not.

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Answer 2

Answer:

Limited Liability Partnership (PPT)

1. Every partner has limited liability.
2. The firm has a separate legal entity.
3. Death, lunacy or bankruptcy of a partner does not affect continuity of the firm.
4. Must be registered.
5. No restriction on the number of members.

General Partnership

1. Every partner has unlimited liability.
2. The firm does not has a separate legal entity.
3. Death, lunacy or bankruptcy of a partner dissolves the firm.
4. Need not be registered.
5. Restriction on the number of members.