Partnerships and Limited Liability Partnerships

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:

Don't use plagiarized sources. Get Your Custom Essay on
Partnerships and Limited Liability Partnerships
Just from $9/Page
Order Essay

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.

Understanding Partnership
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.

Get Professional Assignment Help Cheaply

Buy Custom Essay

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

Online Academic Help With Different Subjects


Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.


Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!


While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.


Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.


In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.


Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.


We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!


We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.


Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

  • When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
  • We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

  • The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
  • We will have a different writer write the paper from scratch.
  • Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment  Help Service Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essaysmile and order essay PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!

order custom essay paper