Limited Liability Partnership
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Limited Liability Partnership
Limited Liability Partnership
1. Definition of a Limited Liability Partnership or LLP
2. Forming an LLP
3. Allocating Losses and Profits in an LLP
4. Differences between an LLP and a Limited Partnership (LP)
5. Advantages of an LLP
6. Disadvantages of an LLP
7. Number of Owners Required to Form an LLP
8. Restrictions on Who Can Form an LLP

5. Advantages of an LLP

An LLP is not a separate entity for income tax purposes. Profits and losses are passed through directly to the partners. Typically, an LLP partner is only personally liable for his or her own negligence or that of an employee working under the partner's direct supervision. The partner is not personally liable for the negligence of anyone else in the firm.

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