One of the great things about starting your own business is that possibilities are pretty much limitless. Businesses can come in all sorts of shapes and sizes, providing an infinite array of different services and products. Considering this, it makes sense that varying businesses would need to be built and managed in varying ways. For instance, you probably would not run a restaurant like you would a medical practice. Because businesses can face different legal and tax needs, most states have a variety of different ways in which they can be legally structured. While some large organizations may opt to form corporations, other more modest enterprises may go for the basic sole proprietorship. Somewhere in between sits the limited liability company (LLC) or limited liability partnership (LLP). These legal structures are fairly common due to their ease of creation and inherent benefits, and if you are looking for an LLP application online, we can help.
Building a successful business requires a lot of hard work. Even if you have a novel idea that is lacking in the marketplace, the practicalities and logistics of running a business can quickly envelop your nights and weekends in the early days of getting up and running. As an entrepreneur, it is in your best interest to do everything you can to position your business for success, and one way to do that is by assigning your business a legal structure. LLPs, while not available in all states, serve a fair niche area of the entrepreneurial space–read on to learn more about whether or not this structure is right for your organization.
When to Fill Out an LLP Application Online
In the business world, it is not unusual for two more like-minded individuals to go into business together. Any time this happens, on a basic level, a general partnership (GP) is formed. GPs can be fairly informal, often consummated with a simple handshake or verbal agreement. A limited liability partnership is a sort of evolved version of that. An LLP is fairly similar to an LLC in terms of its limited liability protections, with one notable difference. In an LLP, one partner can be found liable should they have committed negligence or malpractice, while other partners will be able to shield themselves from legal judgments. This sort of accountability structure makes LLPs a logical choice for licensed professionals such as doctors, lawyers, accountants, and engineers. In some states, licensed professionals can only form LLPs.
LLPs can also enjoy pass-through status with the Internal Revenue Service (IRS). This lets a business pass gains and losses to its partners before they are taxed. If you would like to create an LLP, we can help. You can use our forms to draft your articles of organization online. You will need to first make sure LLPs are available in your state, and then collect some basic information about your business, its partners, and its registered agent.
Launch Your LLP Today!
We can help you start your LLP, LLC, or corporation online. Spend some time exploring our site and you will see that we have fillable forms for all of your business structuring needs. We look forward to working with you.
