Limited Liability Partnerships (LLP)

Question 1

LLP

Answer 1

An LLP is a legal entity in which a partner’s personal liability for obligations of the LLP is eliminated

Otherwise, an LLP is governed by the same rules as a general partnership

Question 2

Personal Liability

Answer 2

LLP partner not personally liable for an LLP obligation

Question 3

Forming LLP

Answer 3

To receive LLP status, the partners need to file a registration with the secretary of state

Question 4

Termination

Answer 4

(1) Expiration of partnership’s status as LLP
(2) Filing notice of withdrawal
(3) Administrative dissolution (failure to file biennial report)