Limited partnerships and limited liability partnerships
You'll learn the key differences between limited partnerships and limited liability partnerships, and understand when each structure is used in practice. This lesson covers the rules governing partner liability, registration requirements, and the restrictions that come with limited liability status.
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In this lesson
- 0:00 Introduction to partnership types
- 0:24 Limited partnerships explained
- 1:05 Limited partner restrictions and rules
- 2:48 Limited liability partnerships overview
- 3:21 LLP characteristics and legal structure
- 4:32 LLP governance and tax obligations
- 6:53 Exam question on limited partnerships
About this lesson
You'll explore why accounting firms typically operate as LLPs, how limited partners differ from members, and the tax implications of each structure. By the end, you'll be able to distinguish between these partnership types and apply the correct rules in exam scenarios.
Duration: 8m
Transcript
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