Need to consult with an expert? Contact us.
Knowledgeable. Dedicated. Personable. Our people make the difference.

Frequent questions regarding LLP formation:

When is an LLP most commonly used?

A limited liability partnership agreement is especially appealing to businesses that were prohibited in the past from forming a limited liability company (LLC) or corporation, such as accountants and attorneys.

Do LLP requirements vary by state?

Yes. Several states, such as California and New York, only allow professionals to use LLPs. And in California, “professional” includes only lawyers, accountants or architects. Delaware, Georgia, Pennsylvania, Texas, and Virginia require insurance or an escrow account to cover liabilities. And, many states have a reduced form of liability protection. For example, many states' laws protect the partners from liabilities caused by negligence, but not from contract liability.

I strongly recommend CT as a reliable corporate compliance partner.
Walters-Morgan Construction, Inc.
Business compliance requires global expertise. Expect more.
Trust CT Corporation to navigate compliance anywhere you do business.