Liability of chartered account as a designated partner in l

Hi Aparna, A person becoming a designated partner in a LLP has liability limited to the share capital held by him/her in the LLP. Hence the personal property of the Partner will not be affected on LLP becoming insolvent. HENCE LIMITED LIABILITY WHILE In case such person is a partner in a partnership firm. The partnership firm on becoming insolvent the personal property of the partnes may be attached/sold off to satisfy firm's debts. HENCE UNLIMITED LIABILITY Hope u understood. Feel free for further discussion. regards Amit Mishra