Should you be looking to start a company, you might be considering making it a limited liability partnership. Not sure about what that entails? Let’s look at what forming an LLP will look like.
Forming an LLP
At the time of creating your own company, you will have different categories and designations to choose from. Because of this, you’ll want to look into the repercussions and obligations of each category so that you find the right fit for the intended mission. One of these options will be the limited liability partnership, also known as an LLP for short. Is forming an LLP what you’ve been looking for? Let’s take a look.
Learn About the Limited Liability Partnership
A limited liability partnership, also known as an LLP, is a partnership in which some or all partners (this will ultimately depend on the jurisdiction) have limited liabilities. Therefore, it can exhibit elements of partnerships and corporations. In an LLP, each partner will not be responsible or liable for another partner’s misconduct or negligence, which means that some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners in an LLP have the power to manage the business directly. In contrast, corporate shareholders have to, by law, elect a board of directors under the regulations of respective state charters. Additionally, an LLP also contains a different level of tax liability from that of a corporation.
Apply For Your LLP
So, if you know that you want to establish a limited liability partnership, it will be time to start the application process for it. Now, like all bureaucratic and administrative paperwork, this can all be somewhat annoying to go through. No one likes to go to the DMV, after all. However, we’ve made it so that this doesn’t have to be that hard. Here on our platform, you will be able to find everything you need when it comes to forming an LLP, starting with the main application. Head over to the sidebar, find the state where you will be forming the company, and select the corresponding category. You will then be able to fill out the form right here on our website, as well as pay the application fee and submit it to the Secretary of State. Your LLP will be on its way.
Submit Your Forms For Your LLP
At the Corporation Center, our main goal is to make the process to form a company a lot easier for you and your partners. After all, creating your own organization is already hard enough without having to, on top of all that, worry about insane amounts of paperwork. Here on our website, everything is streamlined and organized for your own convenience, making it so you don’t have to worry about who to submit your forms to or how. We can take care of all that for you right here. And, should you have any questions or doubts about the process, at any point you can reach out to us and we’ll make sure to answer them for you.