Respuesta :
Complying with the rules of limited liability allows limited partners to have liability : only for the amount of their contribution.
What is Limited Liability Partnership?
LLP stands for Limited Liability Partnership. It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal body, liable for the full extent of its assets. The liability of the partners, however, is limited. Hence, LLP is a hybrid between a company and a partnership. It is not the same as limited liability company LLC.
Just like a corporation or a company, it is a separate legal body. Further, it is completely liable for its assets. Also, the liability of the partners has certain limitations in their contribution to the LLP. Hence, the creditors of the LLP are not the creditors of individual partners.
Therefore, The Limited partners are only responsible for the amount of their contribution when they abide by the limitations on liability.
Learn more about Limited Liability Partnership on:
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