Business Resources

Limited Liability Partnerships

Formation
A Statement of Qualification must be formed with the Secretary of State.

Liability of a Participants
Partners are not personally liable for obligations of the partnership if the required $500,000 in security is maintained. However, a partner is personally liable for his own wrongful acts.

Control or Management
Same as in a General Partnership.

Transferability of Ownership Interest
Same as in a General Partnership.

Crossing State Lines
The LLP must file a statement of foreign qualification in the state it wants to do business.

Income Tax Status
Same as in a General Partnership.

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