Limited and Unlimited Partnerships

Limited and Unlimited Partnerships Advantages of the Limited Liability Partnership status over Unlimited liability Partnership status. 1. Limited Liability. It is responsible for its own contractual obligations. Only a member who is personally negligent will be potentially exposed to claims in Tort. Even this may be eliminated or significantly reduced through carefully worded engagement letters. 2. Like a company an LLP will be able to contract in its own name, so that there will be no need to deal with nov...

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Good Stewardship

Good Stewardship, or How to Look After Your Money Accountancy among other things is about encouraging good stewardship of your money.  That is being able to show you how you stand at a particular moment in time. It is also about explaining your activities over a period of time. But it should not be thought that the accountant only looks at the past.  He must also be able to assist management and those in governance at quantifying plans for the future. Those in governance should have a strategy or mission st...

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