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by darshan_dave705 on April 3rd, 2008

darshan_dave705

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What does LLP/LLC mean? How can you distinguish it?

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  • by Anonymous on April 3rd, 2008

    Anonymous

    LLP - Limited Liability Partnership
    LLC - Limited Liability Company

    They are mainly distinguished by the structure, and the extent to which the persons at the top are liable. In general the partners in LLPs are liable for losses, whereas in LLCs aren't.

    Look it up on wiki for more info:

    http://en.wikipedia.org/wiki/Limited_liability_partnership

    http://en.wikipedia.org/wiki/Limited_liability_company

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  • by Smart2 is back! Did you miss me? on April 3rd, 2008

    Smart2 is back! Did you miss me?

    LLC is limited liability corporation meaning they can only to be sued up to a certain amount.
    LLP is limited liability partnership and means the same thing, except it's not a corporation.

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