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Limited Liability Partnership Establishment
Some types of profession would require this business formation for their advantage. A limited liability partnership has the characteristics of corporations and partnerships, and is generally favored for small businesses because of the advantages it offer.
Small businesses such as law firms, accounting firms and other practices would usually employ a limited liability partnership for the fact that the liability of one partner would not be the liability of another, as usually agreed on the partnership. Malpractice claims are therefore limited. However, any other form of liability by the other partner can be passed to all other partners, such as debts and obligations.
Partners can also agree on how all their profits will be divided among them, and will pay their tax accordingly, therefore avoiding double taxation. They would submit their own report according to their own earnings, and not of the whole partnership. Partners who want to take active roles in managing the business can also seek for a limited liability partnership establishment.
A limited liability partnership establishment would require registration as well with the Secretary of the State. In some cases, if you have a previously existing partnership, and your business would require such conversion, you must re-file your registration too.
As each state has its own set of rules and regulations about limited liability partnership establishment, a good advice here would be seeking legal consultation from a business partner who can guide you in deciding if a limited liability partnership would benefit all partners mutually.
Mesriani & Associates is a business law firm based in Los Angeles which has been helping companies and partnerships establish their businesses for more than 3 decades already. Our business lawyers have been indispensable guides in business decision-making for our clients who have been successful in their fields. We also have a good understanding of drafting articles of incorporation for limited liability corporations and registering business formations according to state and federal laws.
Contact us today and let us know how our business lawyers can help establish your business partnerships.
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