The Limited Liability Partnership

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Attributes of a Limited Liability Partnership:

• Limited Liability Partnership Number of Owners Required:

• A Limited Liability Partnership can have a minimum of two (2) owners in most states. Owners of a Limited Liability Partnership are called "PARTNERS". A Limited Liability Partnership can have an unlimited number of maximum owners in most states. Ownership in a Limited Liability Partnership is usually held with a "Partnership certificate".

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• Management of a Limited Liability Partnership:

• The Limited Liability Partnership is typically managed by either its "Managing Partner or Managing Partners".

Protection of Personal Assets:

A Limited Liability Partnership (LLP) offers certain protection to your personal assets, but typically with less protection than that of a corporation. 

The key features and benefits of a Limited Liability Partnership are:

►Limited Liability Partnerships can have a minimum of 2 Partners (owners) with an unlimited number of maximum owners

►Members of a Limited Liability Partnership are not typically held personally responsible for Partnership debts and obligations

►Limited Liability Partnerships allow for pass-through taxation

►Limited Liability Partnerships  require less annual paperwork than Corporations

►Limited Liability Partnerships are generally perceived as more professional and long-term than general partnerships

►Limited Liability Partnerships have more flexibility in structuring the management than Corporations

►A business that starts off as a general partnership can usually transition easily to a Limited Liability Partnership