Introduction In the context of a Limited Liability Partnership (LLP), the liability of partners is a critical aspect to consider. While the term “limited liability” implies a certain level of…
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How do I change the designation of partners in an LLP?
Introduction Limited Liability Partnerships (LLPs) offer flexibility and scalability for businesses, allowing partners to share responsibilities and liabilities. However, as business dynamics evolve, it may become necessary to change the…
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How do you appoint a DP in an LLP?
Introduction In a Limited Liability Partnership (LLP), the appointment of Designated Partners (DPs) is a crucial process that determines the management and decision-making structure of the business. In this blog…
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Define designated partner ?
Introduction A designated partner is a term used in the context of a Limited Liability Partnership (LLP) structure. In an LLP, there are two types of partners – designated partners…
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Understanding Designated Partner Liability Myths and What You Need to Know
Introduction : Designated partner(DP) liability responsibility is one of the most difficult and misunderstood factors of forming an accounting firm. Many newly minted CPA company proprietors are cautious of this…
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