12. Limited Liability Partnerships Flashcards by AJ - | Brainscape

Q

What is the difference between LP and LLP?

A

LP

General partners (full liability)
Limited partners (limited liability)

LLP
- ALL partners (limited liability)

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Q

What is required for LLP?

A

File statement of qualification with SoS

Name of LLP
Address of LLP
Statement that Partnership elects to be LLP
Deferred effective date

Once statement is filed => LLP is formed.

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Q

What are partners liable for?

A

Limited partners

- Own wrongful actions.

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