Limited Liability Partnership Registration

Limited Liability Partnership Registration

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Another kind of partnership called a limited liability partnership (LLP) or sometimes called a registered limited liability partnership (RLLP), provides all of its owners with limited personal liability. LLPs are particularly well-suited to professional groups, such as lawyers and accountants. In fact, in some states, LLPs are only available to professionals.

Professionals often prefer LLPs to general partnerships, corporations, or LLCs because they don’t want to be personally liable for another partner’s problems — particularly those involving malpractice claims. An LLP protects each partner from debts against the partnership arising from professional malpractice lawsuits against another partner. (A partner who loses a malpractice suit for his own mistakes, however, doesn’t escape liability.) Forming a corporation to protect personal assets may be too much trouble, and some states (including California) won’t allow licensed professionals to form an LLC.

How to Create an LP or LLP
Creating a limited liability partnership is done at the state level. Each state has its own rules, but in general, you must pay a fee and file papers with the state, usually a “certificate of limited partnership” or “certificate of limited liability partnership.” This document is similar to the articles (or certificate) filed by a corporation or an LLC and includes information about the general and limited partners. Filing fees for LLPs are similar to those for corporations and LLCs.

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