In around two minutes you will know what are the differences between Limited Liability Company and Limited Liability Partnership LLC vs LLP. You will get both professional definition and easy explanation. No intro, no outro, straight to the point.
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The main difference between LLC and LLP is the protection of personal assets of business owners.
And if you are not sure what LLC or LLP mean individually, feel free to watch my previous videos.
And here is an example.
LLC is a Limited Liability Company. And LLP is a Limited Liability Partnership.
So, as you can see, pretty much the only difference in these terms is the Company vs Partnership.
Under LLC business structure, every business owner is personally protected. Meaning that creditors can’t go after personal assets or sue them individually. They’d have to sue the company.
And LLP allows its partners to split risks among them proportionally. And in worst case scenario, partners are only risking to lose their initial investments.
Each partner can be held responsible for their individual actions. One partner will not be held responsible for the other's actions. Which means that if one partner messes up, the others won’t be affected.
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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
