I have seen a proprietory concern was registered as LLC in USA. Can a proprietory concern get status of LLC? What are the liabilities of the proprietor under LLC in USA? Is it different from LLP in India?
Regards
CA. Chiranjiv Sodhi
1 Replies
CS Executive Ankit Parikh
(Sr. Associate)
(284 Points)
Replied 15 June 2011
Hello,
LLC is consider as Limited Liability Company - Mean their Liability is limited towards the Company.
LP is another type of company which is called Limited Partners where the Partner has Limited Liability. Just like LLP in India.
regards,
Ankit
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