Difference between LLP and traditional partnership

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What is the difference between LLP and the traditional partnership firm? Which is advantageous for a small business?

 
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Corporate Laws and Indirect Taxation Laws Practitioner.

 Helpful material is attached herewith...Moreover the Taxing aspects are not clear right now. But the Tax Deparmtent may soon provide how to tax LLP...



Attached File : 47 comparison between partnership firm and llp.doc downloaded 843 times
 
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Corporate Laws and Indirect Taxation Laws Practitioner.

 LLP is important considering the fact that its almost like a Firm still Partners are not liable unmilitedly. Tq.

 
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Advocate

 

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 .

 
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Advocate

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

 
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Corporate Laws and Indirect Taxation Laws Practitioner.

 U can surely go 4 a Traditional Part Form right now. Still I would advocate for a conversion into LLP at a later stage. Tq.

 
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