Limited Liability Partnerships (LLP)
What is a Partnership? Partnerships are the most common business structure for businesses that have more than one owner. Many businesses, ranging from retail stores to accounting firms, are structured as partnerships. A business partnership is a for-profit business established and run by two or more individuals. There can be any number of partners involved in the business, as long as there are at least two. A business partner is a co-owner of the business. Most business partnerships are general partnerships, meaning that all partners have responsibility for the business and unlimited liability for the financial obligations of the business. This means that general partners share both the benefits and the detriments of the business. Partners are not employees. They take money from the business as distributive shares, not as salaries . What is Limited Liability Partnership (LLP) What is a Limited Liability Partnership (LLP)? The Limited Liability Partnership Act 2008 w...