BUSINESS LAW Speech or Presentation Example | Topics and Well Written Essays - 250 words

BUSINESS LAW - Speech or Presentation Example 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.