The total cost of producing a specific level of output is the cost of all the factors of input used. Conventionally, economists use models with two inputs: capital, K; and labor, L. Capital is assumed to be the fixed input, meaning that the amount of capital used does not vary with the level of production.
A limited liability partnership, or LLP, is a business structure designed for partners who want a voice in managing their firm, but do not want to share liability.Generally speaking, a partner in an LLP is not responsible for the debts or liabilities of the other partners. limited liability partnership, or LLP, is a business structure designed for partners who want a voice in managing their firm, but do not want to share liability.
The options include sole proprietorship, in which one person owns the business and does not incorporate. Two or more parties own a general partnership. A limited liability partnership, or LLP, is incorporated and provides protection against personal liability for lawyers within the firm. A professional limited liability company, commonly known as a PL, provides even more protection and options.