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BUSINESS LAW - Speech or Presentation Example

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PRESENTATION QUESTIONS 1) Have LLPs been taken up by many professional (unlimited) partnerships? Why is this so? Answer: Limited Liability Partnerships Since the inception of Limited Liability Partnerships (LLPs) under the Limited Liability Partnerships Act 2000, more and more professional firms have been converting their practices to LLP status…
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Download file to see previous pages... Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners. 3 The Limited Liability Partnership (LLP) is viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The LLP form would enable entrepreneurs, professionals and enterprises providing services of any kind or engaged in scientific and technical disciplines, to form commercially efficient vehicles suited to their requirements. Owing to flexibility in its structure and operation, the LLP would also be a suitable vehicle for small enterprises and for investment by venture capital. 4 Members in case of negligence or fraud are personally liable only if he assumes personal responsibility for the acts done. ...Download file to see next pagesRead More
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