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Limited Liability Partnership

The limited liability partnership is the result of the descent of real estate and energy prices in Texas in the 1980s. Most of, or all, partners in a limited liability partnership (LLP)have limited liability. In an LLP one partner is not responsible for another partner's negligence or wrongdoing. Limited liability partnerships are best for companies where all investors wish to keep an hands-on role in management. Please consult with a small business lawyer for information on how to form a limited liability partnership.

Fast Facts

  • By the time limited liability partnerships were added to the Uniform Partnership Act in 1996 over 40 states had adopted LLP statutes.
  • A limited liability partnership also holds a different level of tax liability than a corporation and usually necessitates filing certificates with county, as well as state officials.

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Results 1-5 of 45 for "limited liability partnership"

  • Limited Partnership

    A business limited partnership, though seemingly a complex term, means exactly what the title specifies.  In b...
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  • Estate Planning Family Limited Partnership

    Family Limited Partnerships or FLPs are sometimes referred to as FLiPs.  A Family Limited Partnership is basic...
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      A limited liability company (LLC) is a legal business entity which combines the protections afforded corpora...
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  • Limited Liability Companies

    Many small business owners have chosen to form an LLC as an alternative to forming a corporation in order to l...
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