Who Should Form an LLP or Limited Liability Partnership

Liability Partnership?

The limited liability partnership or LLP is organized to protect an individual partner from liability for the negligent acts of another partner or employees not under their control. Some states do not recognize this partnership structure and other states limit who can form this business structure. Often these structures are only available to firms that provide a professional service like medicine or law. Through the limited liability partnership each partner reports his or her profits or loss through their personal tax return. Click on your state at right see if such an structure is possible in your state.

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