MGMT 209 Chapter Notes - Chapter 9: Limited Liability Partnership, Legal Personality
15 Dec 2020
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Limited liability partnership llp --- tried to use a partnership and have limited liability. Created to avoid earlier problems of llc. A lot of accounting firms have this. Since llc problems have been solved at least in part, not as popular. Some limited liability --- don"t get it if involved or knew or the bad. Each partner has to pay and annual fee. Annual fee - must be paid by each partner. Must file an annual report (llc don"t have to) on the status of the llp. The only type of partnership that can be separate. The partnership must have insurance or separate funds to pay debts/lawsuits. All partners can take part in managing. Lllp - limited liability limited partnership - not too common don"t really. Tries to combine advantages of llp and an lp. General partner has limited liability, like a limited partner in lp.
