Question

Joe is an accountant and plans to join a group of accountants. he compares a group in a general partnership with a group in a limited liability partnership (llp). what is one advantage of the llp that he would be particularly interested in? joe would pay fewer taxes as a limited liability partner. joe would make a higher percentage of the profits as a limited liability partner. joe's personal property would not be at risk as a limited liability partner. joe would not be liable if another partner were to make a mistake.

Answer 1

What is one advantage of the llp that he would be particularly interested in? Joe would not be liable if another partner were to make a mistake.

In a LLC, the owners have protection against themselves and their assets. The are unable to take away their assets or use personal debts to pay business debts. An LLC is the route many small business owners go today when forming a type of partnership.