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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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