MANAGEMENT

Detailed explanation-1: -(1) A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. (2) A limited liability partnership shall have perpetual succession.

Detailed explanation-2: -A partnership firm does not have perpetual succession, and its existence depends upon the will of its partners. There is no limit on maximum partners in an LLP. The maximum number of partners in a partnership firm is limited to 100 partners. The LLP has the ownership of assets which are independent of the partners.

Detailed explanation-3: -In company law, perpetual succession is the continuation of a company’s/corporation’s or other organization’s existence despite the death, retirement, bankruptcy, insolvency, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock etc.

Detailed explanation-4: -Perpetual Partnership means a general partnership to be formed under the Partnership Act (Alberta) and this Arrangement with the general partners being Perpetual and POT; Sample 1Sample 2.

Detailed explanation-5: -In case of a sole proprietorship there is only one person and the business comes to and end if the owner dies because he is the only owner. Hence, sole proprietorship does not have perpetual succession.