π Node [[limited (liability) partnership]]
π
Limited (liability) partnership.md (text) by @dr_kvj
Company name is attached to the founding partner , has major control and authority
LLP is more attractive for investors - less risk , can buy limited partnership shares
What is different ?
- Individual partners can still act by themselves , but only in certain decisions. Whereas in general partnership , they have full freedom over everything , except transfer of shares.
- Limited partners have fewer liabilities than the founding partner
- Decisions made by one partner , if lead to a negative outcome , doesn't make the other partners accountable
- Liability to employee's actions are also limited to your direct authority - you are not held responsible for the actions of the employees who are in the departments headed by other partners
- This type of arrangement is a little risky for the founding partner , but attractive for the investing / limited partner
- The founding partner becomes solely responsible for alleviating the partner's burden in case of debts and lawsuits
Good for investors , bad for founding partner , but retains control .
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