How does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care. Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. How does a limited liability partnership (LLP) differ from a general partnership?O Legal limits have been established regarding the number of people who can participate in the LLPOLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of otherpartnersO LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of otherpartnersO Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.

LLP is a business structure that combines elements of a general partnership and a corporation,…

Answered: How does a limited liability…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

How does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

How does a limited liability partnership (LLP) differ from a general partnership?
O Legal limits have been established regarding the number of people who can participate in the LLP
OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other
partners
O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other
partners
O Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions