Published on January 7
What is a Limited Liability Partnership?
A Limited Liability Partnership (“LLP”) is a partnership in which the partners are not personally liable for the debts of the partnership or other partners. Unlike a limited partnership, all partners in a LLP can receive limited liability. With the exception of limited liability, the rules governing limited partnerships are extremely similar to the rules governing general partnerships. Most notably, LLPs are taxed in the same manner as general partnerships. For more information on general partnerships, see the article on general partnerships in this series.
Although all states allow some form of a limited liability partnership, …
Added in Limited Liability Partnership, Limited Partenerships, Online Business
Published on January 7
What is a Partnership?
A partnership is a business entity formed by two or more people who operate a business for profit as co-owners. For the purposes of creating a partnership, a “person” is any entity with its own legal status, including not only a human being but a corporation, trust, government entity, or another partnership. There are a variety of possible Partnerships are governed by the law of the state in which they are associated. Partnerships can take several forms including: general partnerships, limited partnerships, limited liability partnerships, and occasionally single member partnerships. Each of these is subject to its …
Added in Business Entities, Business Startup, General Partenerships, Limited Liability Companies, Limited Liability Partnership, Limited Partenerships, Online Business
What Our Readers Have to Say