#3 "LLP Accounting Explained! 📊 | TYBCOM One Shot Revision | Siraj Shaikh"

📌 What is a Limited Liability Partnership (LLP)?

A Limited Liability Partnership (LLP) is a business structure where partners have limited liability, meaning their personal assets are not at risk for business debts.
It is a mix of partnership and corporate features, providing flexibility with limited legal responsibility.
📌 Key Features of LLP Accounting:

Capital Accounts: Each partner has a separate capital account.
Profit & Loss Sharing: Profits and losses are shared as per the LLP Agreement.
Interest on Capital & Drawings: Partners may get interest on capital, and interest is charged on withdrawals.
Remuneration to Partners: Partners can receive a salary if mentioned in the agreement.
Preparation of Final Accounts:
Trading & Profit and Loss Account (to calculate net profit).
Partners’ Capital Accounts (fixed or fluctuating method).
Balance Sheet (shows assets, liabilities, and partner capital balances).
📌 Why is LLP Accounting Important?
✅ Helps in maintaining transparency in financial records.
✅ Ensures fair distribution of profits & losses among partners.
✅ Required for taxation & legal compliance.
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