What is a limited liability partnership

When friends or partners decide to come together to make money, they may be forming a general partnership. In many cases, this type of partnership is informal and may not involve a contract. However, if something should happen regarding the business, it may be best to have a contract in writing to help with technicalities in the future. A general partnership with no contract in place leaves the risk of liability if something should arise. If you wish to turn your general partnership into a legal entity, you may choose to start a limited liability partnership or LLC.

There are several advantages to having a limited liability partnership. LLC’s can consist of two or more professionals who can combine their resources and experience to create an amazing company. By sharing the overhead cost and expenses the company may encounter, the partners may receive a greater profit share. People who belong to LLC’s do not have to remain in the company permanently. In fact, they are able to leave the partnership much easier than may be if a contract is not in place.

Another benefit of a limited liability partnership is that you and the other people involved in the company can negotiate the terms of the contract. An attorney may be present to help ensure you have included everything in the contract and answer any questions you may have. Ultimately, the contract is yours and you can form your partnership how you see best.

This information is intended to educate and should not be used as legal advice.

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