Liability of partner is unlimited,limited ,determined by partnership act
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In an Liability Limited Partnership (LLP), the partners have limited liability, whereas in a partnership the liability of the partners is unlimited.
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Limited Partner :- A partner whose liability is limited to the extent of the capital contributed by him.
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Limited Partnership :- A partnership in which the liability of at least one partner is limited to the extent of his capital in the firm.
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The ability of the firm to meet its day-to-day financial obligations.
Tge debts or financial obligations of a business firm.
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