Question

what is a limited liabilty partnership ? explain advantages and disadvantages​

Answer 1

Answer:

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

• advantages

1. Separate legal entity, hence partners are not personally liable for losses or debts, or wrongful acts of other partners. However a partner is personally liable for claims against his personal wrongful acts or omissions
2. Separate legal entity, hence partners are not personally liable for losses or debts, or wrongful acts of other partners. However a partner is personally liable for claims against his personal wrongful acts or omissionsHas perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities
3. Separate legal entity, hence partners are not personally liable for losses or debts, or wrongful acts of other partners. However a partner is personally liable for claims against his personal wrongful acts or omissionsHas perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilitiesCompliance requirements are simpler as compared to those of a private limited company
4. Separate legal entity, hence partners are not personally liable for losses or debts, or wrongful acts of other partners. However a partner is personally liable for claims against his personal wrongful acts or omissionsHas perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilitiesCompliance requirements are simpler as compared to those of a private limited companyNo annual returns filing required, except for income tax

• disadvantages

• Constraints in transfer of ownership
• Constraints in transfer of ownershipDoes not command a distinguished image as a private limited company.

Answer 2

LOOK AT THE IMAGE

HOPE IT WILL HELP YOU! !