Limited Liability Partnership and Partnership Firm

Both Limited liability partnership and partnership firm are methods of business formation. The partnership firm was an old concept of the business formation while LLP was introduced in India in 2009. both have pros and cons like LLP advantage is one partner cannot be affected or held liable by the action of another business partner and on the other hand this is the disadvantage of the Partnership firm.

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• Category: Business
• Tags: income tax returns, limited liability partnership, pan application, private limited company, public