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What is different between limited liability company (LLC) and limited liability partnership (LLP)? Is LLC will protect partner from personal bankruptcy but not for LLP?
A limited liability company in UK law is one where the company is recognised as a separate legal entity and thus the members of that company incur no liability beyond the capital value of the shares held by them … and if those shares are recognised as “fully paid” then the members have no further liability for the company’s debts (there are exceptions but those basically revolve around fraud (or similar))
A limited liability partnership is a vehicle that combines the better attributes of a limited liability company with those of a partnership
For both LLPs and LLCs there is a limitation on the extent of the liability of the members of those companies / parnerships
OK?
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