Definition
In accounting, a debit refers to an entry made on the left side of a ledger account to record an increase in assets, expenses, or losses, or a decrease in liabilities, equity, or income. Debits are used to record transactions that involve the receipt of assets, the payment of expenses, or the reduction of liabilities. Debits are typically indicated by positive amounts and are opposite to credits in double-entry bookkeeping, which represent decreases in assets or increases in liabilities and equity.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.