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Flashcards in Limited Liability Partnerships Deck (4)
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1

What is an LLP

A general or limited partnership that registers as an LLP

2

How to register as LLP

Partnership must file certificate of registration, signed by a general partner an sets forth:

  1. Name of the partnership
  2. Either the address of the PPofB of a general general partnership, OR the address of the registered office of a LP
  3. statement that the partnership is registering as an LLP and
  4. Name of the an LLP must contain the word "company," "limited," or "limited liability partnership" or an abbreviation of those terms

3

Liability

  • Partners of an LLP are not individually liable for the debts and obligations of the partnership
  • Partner remains liable for:
    • Own negligent or wrongful acts, or of person under his direct supervision
    • for debts and obligations of the partnership
      • arising from act of other partners not constituting negligent or wrongful acts or misconduct; or 
      • to which he has agreed in writing

4

Withdrawal

A withdrawing partner must:

  1. Execute a statement of withdrawal that sets forth the names of the LLP and the withdrawing partner
  2. file it with the department f state