Wht s difference btween traditional & limited liablity frm ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2014
I want to know the difference between traditional firm & limited liability firm?
What is absorbed depreciation ?
What is absorbed depreciation ?
10 December 2014
In a traditional firm the liabilities of the partners is UNLIMITED and NOT restricted to their share.
In a LLP, as the name suggests, the liability of the partners is LIMITED to their share.
In a LLP, as the name suggests, the liability of the partners is LIMITED to their share.
10 December 2014
additionally in traditional firm , in case if debts exceeds the assets of firm then partners are personally liable for paying them.
whereas this is not applicable for llp firm.
whereas this is not applicable for llp firm.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Accounting treatment of AMC alongwith the purchase of Laptop
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
