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Business Organizations (LP (Advantages (Ease and Low Cost of Setting up…
Business Organizations
LP
Advantages
Ease and Low Cost of Setting up and Maintenance
Ease of closing down
Limited Liability for Limited Partners
Disadvantages
Management of the Business
General Partners have Unlimited Liability
Sole Proprietorship
Advantages
Ease and Low cost of Setting up & Maintenance
Ease of closing down
Disadvantages
Unlimited Liability
Limited Life
Company
Advantages
Limited Liability
Perpetual Succession
Management of the Business
Disadvantages
Difficulty and High Cost in
Setting up and Maintenance
Complexity of Winding Up
LLP
Advantages
Ease and Low Cost of Setting up and Maintenance
Limited Liability
Perpetual Succession
Rights and Duties of Partners to the LLP
Management of the Business
Disadvantages
Contractual Liability of LLP to Third Parties
Tortious Liability of LLP to Third Parties
Complexity of Winding Up
Relatively New Concept
(No presence in some foreign countries)
GP
Advantages
Ease and Low Cost of Setting up and Maintenance
Ease of Closing Down
Rights and Duties of Partners to each other
Management of the Business
Liability of a Non-Partner acting as partner
Disadvantages
Unlimited Liability
Limited Life
Contractual Liability of Partners to Third Parties
Tortious Liability of Partners to Third Parties
Liability of Retired Partners and New Partners