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Guest (n/a)     13 April 2009

Difference between LLP and traditional partnership

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



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 5 Replies

Y V Vishweshwar Rao (Advocate )     14 April 2009

 

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 .

Prabhat Kumar (Advocate)     14 April 2009

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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