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What is Audit Requirements for Partnerships about?

The key differences between a partnership firm and a limited liability partnership (LLP) are: 1. In a partnership firm, partners are personally liable for the unlimited amount of liabilities of the firm, while in an LLP the liability of partners is limited to their capital contribution. 2. An LLP must have a minimum of 2 partners while a partnership can have a minimum of 2 partners and a maximum of 20. 3. An LLP agreement governs the operations of an LLP while a partnership deed governs a partnership f

Author

aman dwivedi

Language

EN