LLPs protect the personal assets of all partners
An LLP is a partnership that allows each partner to share in the management and provides some degree of protection from the liabilities of the partnership, including those caused by the actions of other partners. This structure is often used by professionals, such as attorneys and accountants, but in most states non-professionals can form an LLP. To operate as an LLP, a state filing and a registered agent is required.
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- Work with you to select the formation package that best suits your needs and ambitions
- Answer your questions about PLLC, PC, C Corporations, S Corporations, LLCs, and everything in between to ensure you incorporate the right way
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- Advise on your state’s naming requirements and perform a name check to verify availability
- File your Articles of Incorporation with the state, including all required language, monitoring the process, and promptly delivering upon approval
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Frequent questions regarding LLP formation:
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.
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.
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