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Roles of limited liability partnerships

Explain the roles of limited liability partnerships and corporations. If you were establishing your own business (Healthcare), under what circumstances would you choose one from the other?

Could you use Healthcare examples that actually helps me to understand how to do my reports.

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The response addresses the queries posted in 916 words with references.

//Before writing about the 'Roles of limited liability Corporations', it is essential to gain knowledge about the 'Roles of limited liability Partnerships'. One should about the major roles of limited liability partnership.//

Roles of limited liability partnerships

The legal responsibilities of partners are limited in a Limited Liability Partnerships (LLP). If a partner shows carelessness, another partner will not be accountable for obligations, debts or liabilities of partnership. LLP and normal partnership are not much dissimilar. The responsibilities, risks and profits of the business are shared by a limited number of people in LLP. The difference between these two is that the liability of partners is limited. The main role of this type of partnership is that it offers protection to the business (Pakroo, 2008).

Most of the groups of professionals form this type of partnership, for example accountants and lawyers. Some of the major roles of limited liability partnership are as follows:

It provides strong protection to all the partners, which can be related to debt, risk and obligations, etc. The professional misconduct of one partner cannot harm the profitability of another partner.
It helps in providing protection to the assets of the partnership firm.
LLP does not confine the number of members but there should be at least two registered or designated members.
The LLP firms can be registered at the Secretary of the State to avail benefits of limited liability partnership. There is also a facility for an existing firm to convert it into an LLP firm.
The advice of experts to establish appropriate LLP is one of the main advantages of these types of partnerships.
The management of all the activities involved in the business is in the hands of members or ...

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This response addresses the queries posed in 916 Words, APA References