Maryland Limited Liability Partnership Registration (Foreign LLP) is a business structure available to businesses operating in the state of Maryland that are owned by two or more individuals. It combines the limited liability of a corporation with the pass-through taxation of a partnership, providing business owners with protection from personal liability for their business debts and obligations. Foreign LLP registration is required for businesses whose primary business is outside the state of Maryland, but wishes to operate in the state. The types of Maryland Limited Liability Partnership Registration (Foreign LLP) include Qualifying Foreign LLP, Qualifying Foreign Series LLP, and Series LLP. Qualifying Foreign LLP requires a business to register with the state of Maryland and must have a resident agent in Maryland. Qualifying Foreign Series LLP requires a business to register with the state of Maryland and have a resident agent in Maryland, as well as a parent LLP registered in another state. Series LLP is a type of Limited Liability Partnership that allows the creation of multiple, separate cells, each of which is a separate and distinct legal entity. It is designed for businesses operating in multiple states that need to have a common framework for their operations.
Maryland Limited Liability Partnership Registration (Foreign LLP)
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Foreign LLCs in Maryland must register with the Maryland State Department of Assessments and Taxation and pay a $100 state fee. (Expedited online filings cost $150, plus a $5 credit card fee.) Maryland law considers you to be doing business in Maryland if you own income-producing property in the state.
Certificate of Limited Liability Partnership.
To create a Limited Liability Partnership (LLP) in Maryland, you must fill out and submit certain paperwork to the Maryland Department of Assessments and Taxation.
While general partnerships are recognized nationwide, LLPs are not recognized as a legal business structure in every state. Some states that do allow the formation of LLPs limit the formation to professionals like doctors or lawyers.
How to Form a Maryland Limited Partnership (in 6 Steps) Step One) Choose an LP Name.Step Two) Designate a Registered Agent.Step Three) File the Certificate of Limited Partnership.Step Four) Create a Limited Partnership Agreement.Step Five) Handle Taxation Requirements.Step Six) Obtain Business Licenses and Permits.
Maryland does not allow professionals, such as accountants, attorneys and physicians, to form a professional limited liability companies (PLLCs).; however, professionals may incorporate their businesses as an LLC.
However, under Maryland law, a corporation may be a partner, so for the corporate partner, only its corporate assets would be at risk. A limited liability partnership (?LLP?) is formed when a general partnership registers as an LLP by filing a certificate of limited liability partnership with SDAT.