FAQ

FAQ

Many enter into LLPs if they want to protect their personal property in case they were sued. One big advantage to a limited liability partnership is that the partners are not personally liable and cannot be forced to pay a business debt or liability with personal property or assets.
Advantages of the Limited Liability Partnership
Many enter into LLPs if they want to protect their personal property in case they were sued. One big advantage to a limited liability partnership is that the partners are not personally liable and cannot be forced to pay a business debt or liability with personal property or assets.
An LLP is taxed like a general partnership. The partnership reports business income and expenses on a partnership tax return, and each partner in turn reports a share of the profits or losses on his or her personal return. This is known as “pass through" taxation because there are no corporate taxes or LLP taxes.
How is LLP taxed?
An LLP is taxed like a general partnership. The partnership reports business income and expenses on a partnership tax return, and each partner in turn reports a share of the profits or losses on his or her personal return. This is known as “pass through" taxation because there are no corporate taxes or LLP taxes.
The difference between LLP and LLC is an LLC is a limited liability company and an LLP is a limited liability partnership. According to the government, specifically the IRS, an LLC is a business organization that is formed lawfully under the state by filing articles of organization.
What's the difference between LLP and LLC?
The difference between LLP and LLC is an LLC is a limited liability company and an LLP is a limited liability partnership. According to the government, specifically the IRS, an LLC is a business organization that is formed lawfully under the state by filing articles of organization.

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