A partnership business is something that is started with the contribution of two or more partners. It is the duty of the partner to contribute their time, money, work in all the aspects equally. The profits and losses should be bearded in the same way. But LLP or the Limited Liability Partnership it is something where the partners in the company have limited burdens. Here the other partner will not be responsible for the losses in incurred for the negligence of one partner.
Benefits of LLP
From a LLP partnership, one of the most important benefits is that the partners can seek for conversion with Limited Liability conversion.
The conditions on working is simple with limited liability partners
In case of disintegration in the company for any misdeed or irresponsibility of the either partners, one will be not accountable to any losses. In case of a LLP, the partners might keep on changing but it would not stop the LLP continuity.
The liability of the partners will depend on the amount invested as the capital and there is no limit to the amount to be invested.
LLP‘s has the benefits of merging itself with the LLPs.