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?

Answer 1

The thing that would interest him the most and is an advantage is that if one partner were to make a mistake, he would not be held accountable for it. Unlike the general partnership where everyone gets equal blame for the downfall of a company, in limited liability it is known what falls under whose jurisdiction and if someone causes the company to go bankrupt, the ones whose fault it's not can't get sued.