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.
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