Definition
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, typically at the end of a reporting period such as a quarter or fiscal year. The balance sheet presents the company's assets, liabilities, and equity and shows how these elements are balanced or equalized (hence the name "balance" sheet). The balance sheet provides valuable information about a company's liquidity, solvency, and overall financial health to investors, creditors, and other stakeholders.
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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.