Definition
Succession planning is the process of identifying and developing internal talent to fill key leadership positions within an organization in the future. It involves assessing current and future leadership needs, identifying high-potential employees, providing training and development opportunities, and implementing transition plans to ensure continuity and effectiveness in leadership roles. Succession planning is vital for organizational sustainability and growth.
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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.