Limited Liability Partnerships LLPs 101

A Limited Liability Partnership (LLP) combines the pass-through taxation of a partnership with the limited liability protection of a corporation, protecting partners from personal liability for the business’s debts. Formed by registering with the state and requiring a partnership agreement, LLPs are typically available to licensed professionals, with taxation passing through to individual partners' returns. This structure allows professionals to enjoy liability protection and tax flexibility while focusing on their business.

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