Does the liability of a Chartered Accountant get restricted on becoming a designated partner in an LLP as compared to a partner in a partnership firm? If yes, to what extent?
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Liability of chartered account as a designated partner in l
Replies (1)
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
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