Limited Liability Partnership

• November 08, 2022
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Limited liability partnerships (LLPs) are flexible legal and tax entity that allows partners to benefit from economies of scale by working together while also reducing their liability for the actions of other partners. As with any legal entity, it is important that you check the laws in your nation (and your state) before getting too excited. In short, check with a lawyer first. The chances are good that they have firsthand experience with an LLP. Limited liability partnerships (LLPs) allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business. Having business partners means spreading the risk, leveraging individual skills and expertise, and establishing a division of labor. Limited liability means that if the partnership fails, then creditors cannot go after a partner’s personal assets or income. LLPs are common in professional businesses like law firms, accounting firms, medical practices, and wealth managers.

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