A partnership can be defined as the coming together of two or more persons for doing business, sharing profits and losses, and representing one another for the given business. It is a 1000-year-old concept. An upgrade on the same is the limited liability partnership. It has the basic features of a partnership, but there are more features to it as well. It is an invention of the law to promote the effortlessness of doing business in the country.
Limited liability partnerships are widespread in the United States. They are popular and a favored option for professionals such as lawyers, and professional accountants. The word “LLP” is written after the name of the partnership firm. LLP signifies “Limited Liability Partnership.” For example, X and Y LLP. Features of a limited liability partnership:
Registered office: Every LLP has a registered office. The same has to be mentioned in the founding documents of the LLP, and the same must also be filed with the competent authority. The formation documents must also contain the names, addresses, and signatures of at least two partners.
Designated partners: At least two partners must be designated partners of the LLP.
LLP at the end: Every limited liability partnership must have the word “LLP” as a part of the name. It is similar to adding ‘limited’ or ‘private limited’ at the ending of the organization’s name.
Books of accounts: Every LLP must maintain books of accounts. It also has to file several annual accounts with the competent authority.
Separate legal entity: It is the main feature of an LLP. It has a separate legal existence from its partners, which is a feature borrowed from a corporation. In a company as well, the ownership, the management, and the company itself are different. The company is a separate legal entity. The same rule applies to an LLP.
Limited Liability: The partners of the LLP have limited liability. They are only legally responsible for the sum that remains unpaid. For example, X and Y are partners in an LLP. Both X and Y have contributed $1000 each. They are not accountable for anything else. In case the company goes into losses, X and Y shall lose at most $1000 each. Not a penny more than that. The personal assets of the partners would not be attached and sold.
Separate property: An LLP can keep, buy, and sell an immovable property and movable property in its name. The personal property of the partners is separate from the property of the LLP. The assets and liabilities are different from the partners.
No limit on partnership: There is no limit on the number of partners.
Compulsory written agreement: The Partnership Agreement has to be compulsorily written and registered. This sort of arrangement is highly apropos to professionals such as lawyers and accountants.
A partnership is as old as time. Two or more coming together and doing business has been since centuries. The features of a partnership are as follows:
Minimum two persons: There must be a minimum of two persons. There is an upper limit on the number of partners, which depends upon the nature of the business.
No separate legal entity: The partnership firm and the partners are identical. The partnership firm is not disconnected from its partners. Therefore, there cannot be any separate ownership of property.
Unlimited liability: The partners of a partnership have unlimited liability. If a suit is filed against the partnership, the partners’ assets may also be liable until the debt of the person suing is satisfied. The partners may go bankrupt if the partnership’s assets aren’t enough to cover the debts.
Advantages and Disadvantages of LLP over Traditional Partnership
The advantages of LLP over traditional partnerships are as follows:
Separate legal entity;
Limited liability of the partners of the LLP;
The disadvantages of LLP over traditional partnerships are as follows:
Challenging to incorporate and maintain. LLP has several compliances that a traditional partnership does not. The number of compliances is way less in a traditional partnership. Even the periodic compliances are way more in an LLP. But the same must be complied with. To cope up with it, the LLP has to hire lawyers, which drives up the cost.
Registration LLP must be compulsorily registered. It is not the case in traditional partnerships. It saves the hassle of registration. Ultimately, traditional partnerships are better in case the business is proposed to be small. In case the funds and the obligations are high, then an LLP is preferred. Secondly, a traditional partnership can always be converted into an LLP.
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