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Partnerships, LLP's & LLC's
What is the difference between a partnership and LLP? What is a LLC? Do I need a lawyer to form a partnership, LLP, or LLC. How do I form an LLC, LLP or partnership? Do I need a lawyer to assist me with the formation or dissolution of an LLC, LLP, or partnership? What are my rights and obligations with respect to the organization? Partnership Law: General Partnerships, LLP's & LLC's.
Sole Proprietorship: A Sole Proprietorship is form of business owenrship wherein one person owns all the assets of the business. A sole proprietorship is not a seperate leal entity and liability for the business is the responsbility of the sole proprietor. Management is centralized.
General Partnerships: A partnership is similiar to the sole proprietorship in that it is generally not a seperate legal entity. Generally, Partners are personally liable for the obligations of the partnership. Management may not be centralized.
Limited Partnerships: Limited Partnerships are similiar to general partnerships in that they also are not a seperate legal entity. However, partners may limited there liability through limited liabilty partnership statutes. There must be a least one general partner, who has liability for the limited liability partnership.
Limited Liability Partnerships (LLP): LLP's are LLPs. For a conract to be enforcebale the contract must be in writing The contracts that generally fall within the statute of frauds are as follows:.
Limited Liability Companies (LLC): LLC's are hybrid entities that limited liability of the LLC and have pass through tax benefits traditionally associated with a partnership.
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