Definition
The general ledger is the master repository of all financial transactions of a company, organized into individual accounts for assets, liabilities, equity, revenue, and expenses. The general ledger serves as the central record-keeping system for accounting data, providing a comprehensive overview of a company's financial position and performance. It consolidates information from subsidiary ledgers and journals and forms the basis for preparing financial statements and analyzing business operations.
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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.