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CH 37 Limited Liability Partnership 2

CH 37 Limited Liability Partnership 2

Q 1) What advantage does the Limited Liability partnership (LLP) have over a limited partnership (LP)?

Q 2) What advantage does the LLP have for professional organizations such as accountants or attorneys?

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The general partnership means sharing the profits and liabilities. The limited partnership is a bit different than the general partnership. The differences are that the partners are liable and responsible in their predetermined proportions. The partners in the limited liability partnership insists that the partners have limited shares in profit and also the liabilities are shared in proportions that are predefined (Goforth, 2017).