Wht s difference btween traditional & limited liablity frm ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2014
I want to know the difference between traditional firm & limited liability firm?
What is absorbed depreciation ?
What is absorbed depreciation ?
10 December 2014
In a traditional firm the liabilities of the partners is UNLIMITED and NOT restricted to their share.
In a LLP, as the name suggests, the liability of the partners is LIMITED to their share.
In a LLP, as the name suggests, the liability of the partners is LIMITED to their share.
10 December 2014
additionally in traditional firm , in case if debts exceeds the assets of firm then partners are personally liable for paying them.
whereas this is not applicable for llp firm.
whereas this is not applicable for llp firm.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Inventory of finished goods
- TDR receipts for agreement holder
- Sale of property furniture sale
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Company Incorporation - CA and directors signing from different states
- JOB WORK ITC 04
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- Point (III) 9 of GSTR-9C
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
