Law
Querist :
Anonymous
(Querist) 19 December 2011
This query is : Resolved
WT IS DIFFERENCE BETWEEN LPO, LLP, AND LAW FIRM WHICH IS BETTER FOR AN ADVOCATE AND WT THE PROCEDURE FOR THID ALL.
ajay sethi
(Expert) 19 December 2011
what do you realy want to do . ?
do you want to do chamber practice or you want to appear and argue your case in court
?
if you want to do chamber practice then join a law firm . if you want to work in legal outorcessing then join LPO .
gain 2 /3 years experience by doing legal practise then decide
Raj Kumar Makkad
(Expert) 19 December 2011
The IRS defines an LLC as “an entity formed under state law by filing articles of organization.” An LLC limits its owners’ -- called "members" -- liability while also providing flexibility in management and taxation. On the other hand, the IRS defines an LLP as a business entity “formed under a state limited liability partnership law.” Partners in an LLP are not typically liable for the debts or negligent acts of another partner.
Management
Members in an LLC have two options for setting the company’s management structure: they can manage the company themselves, or hire or appoint outside managers with no ownership stake in the company. In an LLP, the partners manage the affairs of the partnership. If LLC members elect to manage the company, they typically then manage the company the same way LLP partners manage the company, with partners having voting rights based on their contribution to the company.
Liability
LLCs and LLPs have some similarities in that they limit the liability of members and partners, respectively. Members of an LLC cannot usually be held liable for the debts or liability of the LLC. This protection is typically referred to as the “corporate veil” or “corporate shield.” However, in some cases -- usually involving fraud or deception -- LLC members can be personally liable for the acts of the LLC. In contrast, LLPs limit the liability from one partner to another. In other words, each partner is not liable for the debts or negligent acts -- should a partner be sued -- of the other partner. This liability protection is often suited for lawyers, doctors and accountants where one partner wants protection from any potential malpractice another partner may commit. LLP partners, however, are generally liable for the contracts and debts that the LLP itself enters into.
Shonee Kapoor
(Expert) 20 December 2011
Well defined by Ld. Mr. Makkad.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
