COMPANY vs LLP |What is Limited Liability Partnership? | LLP | CSEET | CS Payal Popli

COMPANY vs LLP |What is Limited Liability Partnership? | CSEET | Legal Aptitude and Logical reasoning |CS Payal Popli

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In this video-
Teacher's Name - CS Payal Popli
Topic - Distinction between company and Limited Liability Partnership (LLP)
Chapter 4 -Elements of Company Law
Subject - Legal Aptitude and Logical Reasoning
CSEET (ICSI)

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Distinction between company and Limited Liability Partnership (LLP)
LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.
Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity.
Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
LLP is a body corporate and a legal entity separate from its partners, having perpetual succession. LLP form is a form of business model which :(i) is organized and operates on the basis of an agreement.(ii) provides flexibility without imposing detailed legal and procedural requirements (iii) enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner.
A basic difference between an LLP and a company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act) whereas for an LLP it would be by a contractual agreement between partners.
The management-ownership divide inherent in a company is not there in a limited liability partnership. LLP have more flexibility as compared to a company. LLP have lesser compliance requirements as compared to a company.

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[gulshannagpal]

Ma’am iss topic mei bht confusion thi aapne bht ache se clear kr di❤

[amritaraj]

We love you ma'am. You are superb and excellent

[khushikesharwani]

Superb way of I was facing tooo much problem 🥺 how to differentiate between these two topics but you have cleared everything in a very short way and in less time 😍💯

[tanyadhiman]

it is for sure if i go through your vedio..thn i'll definitely understand it....👍👍👍👍👍

[sandeepr.b.s]

Mam itna smoothly agar Mere teachers. Mujhe samjhate toh Aaj kuchh aur hota

[Maddybeatz]

Really ma'am bhot acche se samjh aaya..☺️☺️..🙏🏻

[ananyadutta]

Thank you so much, ma'am.

The way you present your content, it really becomes very easy to do a quick revision before examination.

❤

[ankitgautam]

Thank you madam I don't comment after watching the video on YouTube but when I watch your video my concept clear easily

[freakinayush]

Thanks a lot mam i missed this topic but now it's clear 😊

[sandhyachourasiya]

Ma'am plz explain what is designated partner???

[Harshub]

Thank you mam aap ca inter law k lie topics ko bhi cover kro plz aapka way of teaching bht hi pyra hai ❤

[Atalkt]

Mam llp pe app video bna do dubara jis me app full chp karvaye

[ranadas]

What will happen if ABC Co. Ltd. acquires XYZ which is an LLP. Can ABC Co. Ltd. is able to acquire XYZ as it is not an individual. If it is not able to acquire XYZ then will XYZ turn into a company and then acquisition will be done?

[Shalini-cd]

Mam I want the questions of classification of company based on incorporation

[cine_vivek_edis]

limited liability partnership and winding up of limited liability partnership meaning please definition please

[piyushsharma]

Mam audit kon kare ga llp m 3 party ya llp aapne aap audit kar vati h ?

[HaryanaandPanjabistar]

Mam LLP ka bhi act hota h limited liability partnership Act, 2008