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The difference between LLP and LLC is an LLC is a limited liability company and an LLP is a limited liability partnership. ing to the government, specifically the IRS, an LLC is a business organization that is formed lawfully under the state by filing articles of organization.
Unlike general partnerships, an LP must be registered with the appropriate state agency for the partnership to be created, and the LP typically is governed by the partnership agreement which partners have flexibility in drafting.
Step 1: Select a business name. Any Illinois partnership must operate with a unique name. ... Step 2: Register the business name. ... Step 3: Complete required paperwork. ... Step 4: Determine if you need an EIN, additional licenses, or tax IDs. ... Step 5: Get your day-to-day business affairs in order.
In order to create a limited partnership, an individual must file a Certificate of Limited Partnership with the Illinois Secretary of State. This form may be submitted by mail or online. The LP may be required to file additional paperwork if the partners plan on operating their business under an assumed name.
Limited Partnership Name (Must contain an LP ending such as LP or L.P. ?LP? will be added, if not included.)
The requirements for forming limited partnerships vary from state to state. In Illinois, the Uniform Limited Partnership Act governs the creation and management of limited partnerships. The Illinois Secretary of State is responsible for the registration of limited partnerships.
Some states only require that the certificate contains the name of the limited partnership, the name and address of the registered agent and registered office, and the names and addresses of all of the general partners.
How to form a limited partnership Name of the business (typically must end in ?Limited? or ?Ltd.?). Registered agent of the business who will accept legal documents on the business's behalf. Name and address of each general partner. Signature of general partner or person filling out the form.