Whats does LLP/LLC mean ? How can you distinquish it?

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	Whats does LLP/LLC mean ? How can you distinquish it? By darshan_dave705 Asked Apr 3 2008 9:44AM	0 Pts Rate Question

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by tifosi2003 on Apr 3, 2008 at 9:49 am Permalink

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 to what passes for normal on Apr 3, 2008 at 9:46 am Permalink

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.