LLP vs Partnership Know The Difference
Before starting a business, you must consider the kind of business you want to start. It might be an LLP, sole partnership, partnership, a joint-stock company, etc. Today, we’ll discuss the differences between LLPs and partnership businesses.
LLP stands for limited liability partnership. According to the Companies Act, 2013. It has greater flexibility compared to a traditional partnership company. To register the company with an ROC, you must require at least 2 designated partners. Even foreign people are allowed to be partners in Indian companies. If any partner of the company becomes bankrupt, the company runs on. Death of the partner– If there are only two partners, and one of the partner dies, the partnership firm will automatically dissolve. If there are more than two partners, other partners may continue to run the firm.
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