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Llp vs partnership firm
Which is better a partnership firm or a LLP firm , is all liablities in a LLP firm rely on a single partner
Replies (2)
We cannot say which is better, if you consider the liabilty, Liability of Partnership is unlimited. Even the personal assets of the partners can be annexed to pay of the debts of the Partnership firm
while in LLP, it's limited... only the amount contributed by the Partners to the firm can be used to pay off the debts of the LLP
Thank you for your valued reply
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