What is the difference between LLP and the traditional partnership firm? Which is advantageous for a small business?
Guest (n/a) 13 April 2009
What is the difference between LLP and the traditional partnership firm? Which is advantageous for a small business?
Y V Vishweshwar Rao (Advocate ) 14 April 2009
For a Samll busines not involving much capital ,between few partners and relatives and known persons , partnership is better , LLP is new one will with several procedural aspects, the same are not yet settled .
Prabhat Kumar (Advocate) 14 April 2009
In traditional partnership rights and liabilies are proportionate to the share of partner as per partnership deed.In L.L.P,liabilities of partner is limited irrespective of his share in the firm.For smaller concern traditional partnership is o.k