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CH 37 Limited Liability Partnership #2

CH 37 Limited Liability Partnership

Q 1) What advantage does the Limited Liability partnership (LLP) have over a limited partnership (LP)? 2) What advantage does the LLP have for professional organizations such as accountants or attorneys?

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The first advantage is that only one partner is required to possess a liability which is limited in nature in case of LLP (Clarkson, Miller & Cross, 2016). In case of LP, the liability needs to be of limited nature for all the partners and not for only one partner. Therefore, LP is not as suitable as LLP in case of running a business where there is the requirement of each partner to remain active in playing managerial roles. Liability protection of a specific category is applied to ensure that there is complete protection for all partners in case of a LLP.