What is a limited liability partnership - is it the same as a limited partnership?

A Limited Liability Partnership maintains the tax benefits enjoyed by the general form of Partnership, but tender some safe haven in terms of personal obligations to the members. With regards to illegal actions and liabilities incurred by other partners, individual partners are not accountable due to the fact that LLP's structure deviates from the basic framework of traditional partnerships, which in this case Tax Agencies may impose non-partnership tax rules on the LLP. Furthermore, the "Internal Revenue Service views these businesses as partnerships, however, and allows partners to use the pass through technique."

In the case of Limited Partnership, every partner is allowed to limit each personal obligations with regards to the partners contributions to the business endeavor. Accordingly, not all partners can enjoy this limitation since it is a requisite that at least one partner assume the level of general partnership, making him/her personally vulnerable and obligated to the dues incurred in the ordinary course of business. One of the common advantages enjoyed by the General Partner is that he/she maintains the privilege to manage the affairs of the business while limited partner(s) will not enjoy the said privilege."Both general and limited partners benefit from business profits.

" To answer your question: ... is a limited liability partnership - the same as a limited partnership? The two types of partnership are not the same since the Limited Partnership must have at least one General Partner whereas the Limited Liability Partnership does not have a General Partner. Furthermore, "LLP has the organisational flexibility of a partnership and is taxed as a partnership.

LLPs are particularly well-suited to professional groups, such as lawyers and accountants. In fact, in some states LLPs are only available to professionals.

Assuming you are asking about the US... A Limited Partnership is one in which there are one or more "General Partners" who have unlimited liability, and also one or more "LImited Partners", who have limited liability. By contrast in a Limited Liability Partnership, known as an LLP, all partners have limited liability. quickmba.com/law/partnership/limited/ quickmba.com/law/org/ The advantage of limited partnership is that it can be used as a form where people can be simply investors in a partnership-based business without exposing themselves to the risk of unlimited liability.An LLP is more normal in professional service businesses like law and accounting, where there is often not that big of a need for outside investors, and all partners are active within the firm.

A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). It is a partnership in which only one partner is required to be a general partner.1 The GPs are, in all major respects, in the same legal position as partners in a conventional firm, i.e. They have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.

As in a general partnership, the GPs have actual authority as agents of the firm to bind all the other partners in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "An act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership's activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act was actually authorized by all the other partners."2 Like shareholders in a corporation, LPs have limited liability, meaning they are only liable on debts incurred by the firm to the extent of their registered investment and have no management authority. The GPs pay the LPs a return on their investment (similar to a dividend), the nature and extent of which is usually defined in the partnership agreement.

General Partners thus carry more liability, and in cases of financial misfortune, the GP becomes "the generous partner". Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability. Do not you think it would be easier to ask this question google?

A limited partnership is a business entity consisting of a general partner, who manages the business, and the limited partners who enjoy the rights to the partnership's profits, but are liable only to the extent of their investment. More.

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