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Home | Business Formations | Limited Liability Partnership

Limited Liability Partnership


5. Advantages of an LLP
LLPs are 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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