LIMITED LIABILITY PARTNERSHIP 1. Limited Liability: One of the most important features of a limited liability partnership is that the partners are not personally liable for the debts, obligations and liabilities of the business. This type of protection provides the partners with peace of mind that their personal assets will not be used to cover any business losses. 2. Flexible Governance: A limited liability partnership does not require vast amounts of paperwork as most of the governance of the business can be created by the partners themselves. This allows the partners to create a governance arrangement that best suits the business’ needs. 3. Continuity of Business: In the event of the death or departure of a partner from the business, the remaining partners can continue the business without any disruption. This is due to the fact that limited liability partnerships are not dependent on the individual partners, but rather the business as an entity. 4. Tax Advantages: Limited liabili
Payroll Audit: Meaning, Benefits, and Process to perform Internal Payroll Audit Table of Content Introduction Meaning of Payroll Audit of a Company Benefits of an Internal Payroll Audit The process to perform an Internal Payroll Audit of a Company Take away Introduction Payroll processing is arguably one of an employer’s most important responsibilities. It poses numerous challenges to HR and payroll professionals. One small error can ruin many things, including one’s reputation. Naturally, finding a reputable payroll service provider who will ensure that the organization’s niche requirements are met is critical. The first step, however, is to conduct regular payroll audits. This article will cover information on Internal Payroll Audit, the Benefits of Payroll Audit, and the Process to perform an Internal Payroll Audit of a Company. Meaning of Payroll Audit of a Company A payroll audit is an examination of a company’s payroll process in order to ensure its accuracy. Payroll audits lo