Pennsylvania Limited Liability Partnership
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Definition & Examples of an LLP
The limited liability partnership (LLP) is a similar business structure but it has no general partners. All of the owners of an LLP have limited personal liability for business debts. In order to better understand LPs and LLPs, it's helpful to compare them to general partnerships. Apr 01, · A limited liability partnership (LLP) is an existing general partnership that files a statement of registration with the Bureau of Corporations and Charitable Organizations, electing or claiming limited liability status under Chapter 82 of Title Here are the steps to form a limited liability partnership (LLP) in California. LLPs are governed by state law and must be registered with a state office. An LLP usually is formed from a preexisting general partnership. (In some cases, not covered here, an LLP is formed from a preexisting limited partnership.).
When forming a new business, entrepreneurs must decide what type of legal entity they want to create. A limited liability company LLC is a popular alternative to establishing a corporation, as it offers owners called members personal liability protection for the business' obligations without the legal formalities of corporations.
Some states also allow the creation of limited liability partnerships LLPs. There are some similarities between these two types of business structure, but there are also some key differences.
If you are trying to decide between the two options, the best choice depends on a number of factors. Rather than having to pay taxes on earnings at the business entity level, profits and losses are passed through to the individual members LLCs and partners LLPs.
Note that if your business is an LLC but you are the company's only member, you will be taxed as a sole proprietor and should expect to file self-employment taxes. However, an LLC has the option to file a corporate return as well.
One major difference between LLCs and LLPs is the extent to which the owners are potentially liable for the company's obligations. Members of properly structured LLCs are shielded from personal liability for the company's obligations and legal liability.
This means that members' personal assets are only at risk to the extent of each member's investment in the company. However, one caveat is that LLC members can be liable for the actions of other members, usually in cases of unethical behavior, which could potentially leave personal assets vulnerable.
In some states, LLP partners enjoy liability protection from the company's debts and legal obligations too, although this is not true in every state. For example, in an LLP owned by two doctors, each doctor would enjoy liability protection from malpractice claims brought against the other.
However, each doctor would still be liable for the partnership's obligations. It's worth noting that your choice also depends on how many investors have a stake in your business and who those investors are. In order to form a partnership, the business must have a minimum of two business partners.
If you are the sole owner of your business, you cannot establish an LLP. However, state laws may limit LLP owners to licensed professionals, such as doctors, attorneys, or accountants. Whether you choose to establish an LLC, an LLP if available in your state , or another type of business entity, you are responsible for ensuring you follow all procedural requirements to establish and maintain your business.
Those requirements include making required business filings with the Secretary of State's office or other business registration entity and paying fees. Both LLPs and LLCs should also maintain operating agreements designed to document business owners' rights and responsibilities and to govern day-to-day operations. When in doubt, consult with a business law attorney licensed to practice in your state.
This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law.
By Cindy DeRuyter, J. Liability Protection One major difference between LLCs and LLPs is the extent to which the owners are potentially liable for the company's obligations.
Number and Type of Owners It's worth noting that your choice also depends on how many investors have a stake in your business and who those investors are.
Following State Laws to Establish and Maintain Your New Business Whether you choose to establish an LLC, an LLP if available in your state , or another type of business entity, you are responsible for ensuring you follow all procedural requirements to establish and maintain your business.
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