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Similar to the LLC, the LLP is a hybrid of both the corporation and partnership, to give the greatest advantages for taxation and liability protection. The LLP is not a separate entity for income tax purposes and profits and losses are passed through to the partners.

An LLP is a general partnership formed by two or more owners (called partners). Similar to an LLC, an LLP is a cross between a corporation and a partnership, with the partners enjoying some limited personal liability. Professional businesses are commonly organized as an LLP.

Limited liability partnerships (LLPs) allow for a partnership structure where each partner's liabilities is limited to the amount they put into the business. Having business partners means spreading the risk, leveraging individual skills and expertise, and establishing a division of labor.

A limited liability limited partnership (LLLP) eliminates the need for this strategy. An LLLP is a type of limited partnership, however, unlike in an LP, LLLP general partners' liability for LLLP debts or obligations is limited. BENEFITS. An LLLP can do anything that a regular LP can do.

Aside from formation requirements, the main difference between a partnership and an LLC is that partners are personally liable for any business debts of the partnership -- meaning that creditors of the partnership can go after the partners' personal assets -- while members (owners) of an LLC are not personally liable

Don't exist in every state. LLPs usually only allow certain professions. No ability to file taxes as an S corporation. LLPs must have at least two partners. LLPs must have a managing partner, but all partners must help run the business.

An LLP protects each partner from debts against the partnership arising from professional malpractice lawsuits against another partner.

Choose a Name for Your LLC. Appoint a Registered Agent. File Certificate of Formation with County Probate Court. Prepare an Operating Agreement. File State Tax Return/Annual Report. Comply With Other Tax and Regulatory Requirements.

In limited partnerships (LPs), at least one of the owners is considered a "general" partner who makes business decisions and is personally liable for business debts.The limited liability partnership (LLP) is a similar business structure but it has no general partners.

Alabama Domestic Partnership Registration

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What is the advantage of an LLP over an LLC?

What is a domestic limited liability partnership?

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What is a domestic limited liability limited partnership?

What is the difference between a domestic general partnership and a domestic LLC?

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What is difference between LP and LLP?

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