BANKING AFFAIRS

Detailed explanation-1: -2 The Limited Liability Partnership (LLP) is viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement.

Detailed explanation-2: -LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.

Detailed explanation-3: -Limited Liability: An LLC provides limited liability protection for its owners, meaning that the owners are not personally liable for the debts and liabilities of the business. This can shield personal assets from creditors and lawsuits.

Detailed explanation-4: -What Is Limited Liability? Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company (LLC). In other words, investors’ and owners’ private assets are not at risk if the company fails.