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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.
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.
The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership. The LLLP form of business entity is recognized under United States commercial law . An LLLP is a limited partnership , and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more ...
LLC vs. Corporation. TJ Porter. April 30, 2024 at 1:37 PM. Key takeaways. LLCs have no limit on owners and managers and offer a more simplified tax calculation.
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A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
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