Question

State four features of limited liability partnership.

Answer 1

Answer:

Some of the key features of LLPs are: 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. ... On incorporation it will be issued with a unique registration number by Companies House, in the same way as a limited company.

Explanation:

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Answer 2

Answer:

1. Separate Legal existence . One key characteristics of an LLC is that it has a separate Legal existence apart from its member.
2. Limited Liability . As the names suggests , an LLC offers limited Liability to its members.
3. Flexibility in Taxation
4. Simplicity in documentation and Operation.