A limited liability partnership (LLP) is structured for business partners who seek additional control in managing their firm, but do not desire to share liability. In an LLP, a partner is not responsible for the debts and liabilities of the other partner(s).
Partners can expect to receive some protection against personal liability. All partners in an LLP have key roles in managing the daily operations of the business. This form of business ownership can only be established by persons licensed under state law to engage in the practice of public accountancy, law, or architecture.LLP Features:
Partners looking to file for an LLP must engage in trade or business and earn their income from the state they are filing in. Each partner will be provided with a Schedule K-1 that clearly outlines their share of the LLP’s income, deductions, and credits. There are no estimated tax requirements, but an LLP may be obligated to withhold taxes if taxable income is distributed to an out-of-state partner.
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