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Limited Liability Partnership
A limited liability partnership (LLP) has elements of partnerships and corporations. In an LLP, all partners have a form of limited liability, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. Corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation's best interest. Also a LLP has a different level of tax liability than a corporation.
Limited liability partnerships are distinct from limited partnerships, in that limited liability is granted to all partners, not to a subset of non-managing "limited partners." As a result the LLP is more suited for businesses where all investors wish to take an active role in management.
There is considerable confusion between LLPs as constituted in the US and that introduced in the UK in 2001 and adopted elsewhere - see below - since the UK LLP is, despite the name, specifically legislated as a Corporate body rather than a Partnership.
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The Indian Upper House of Parliament has enacted a much studied Limited Liability Partnership Bill (Bill No. CXI of 2006) 2008...
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One of the main reasons people form Michigan corporations and limited liability companies (LLCs) is to protect themselves against personal liability for the obligations of their businesses...
Piercing Liability Protections of a Limited Liability Company - Some Ideas by Way of North Carolina
Wilmington North Carolina Business Law and Litigation Attorney Blog has a multi-part article on getting past the personal liability protections of a LLC...
HOW NOT TO SET UP AND USE A FAMILY LIMITED PARTNERSHIP
A recent Tax Court Memorandum decision provides another example of how not to set up and operate an FLP. In this case, the taxpayers managed to violate Section 2036(a), and also have an indirect gift of property contributed...
Family Limited Partnership and Discounts
The Wills Trust and Estate Professors Blog commented on discounts on Family Limited Partnerships and discounts in relation to an elective share...
Family Limited Partnership Treatise
David T. Lewis (member, Moore & Van Allen, PLLC, Charlotte, NC) and Andrea C. Chomakos (associate, Moore & Van Allen, PLLC, Charlotte, NC) are the authors of The Family Limited Partnership Deskbook: Forming and Funding FLPs and Other Closely Held...
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What is comparative negligence and strict liability in tort law?
A. comparative negligence
B. seller sells to buyer
B. defense of ...
First off, I am not sure what to call my relationship with my partner (female), I am male who has been living with me for the better part of the last 6-7 years. We broke up for 3 months this year, she moved out and now s
First it depends on the state your in, is it a commonwealth state? Like PA? If s...
Should I hire a lawyer if injured in a car accident even if the other party admits fault and their insurance company is agreeing to pay damages?
If the person that caused an accident admits to liability you don't really need ...
My mother 73 years of age died on 12/5/08 and she has around 25K in credit card debt. She rented an aprtment and owned nothing of value - no cash in her bank account and no retirement funds. What legally needs to be done
If no one else was named as a co-borrower or co-signer, and she has no assets, t...
How do I create a Partnership Agreement for my co-inventor and myself?
1. Meet with all the prospective partners. Plan to spend several hours discussin...
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