Firm and LLP

This discussion clarifies the distinctions between a general business Firm and a Limited Liability Partnership (LLP). It outlines key features of a partnership firm, such as the requirement for two or more members, the existence of a business, contractual relationships, and agency. Notably, it highlights the unlimited liability aspect of traditional firms, contrasting it with the limited liability typically offered by LLPs, and mentions member limits for banking and other types of firms.