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As in a partnership or Limited liability company (LLC), the profits of a Limited liability partnership (LLP) are allocated among the partners for tax purposes, avoiding the problem of "double taxation" often found in corporations. Some US states have combined the LP and LLP forms to create limited liability limited partnerships.
An LLC is a type of unincorporated association, distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and ...
LP (Limited Partnership): An investment structure, limiting both the liability and the participation of the investor. An investor who takes an active role will be deemed a general partner, and become exposed to unlimited liability. Corporation; Joint Venture: A business activity shared by two or more business entities.
An LLC might be the better choice if you’re working alone or have one or two partners, given their flexibility and simpler filing requirements. Corporations are generally best for larger, more ...
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In a traditional limited partnership, the general partners are jointly and severally liable for their debts and obligations. Limited partners are not liable for those debts and obligations beyond the number of their capital contributions.
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