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Limited Liability Partnership

6. Disadvantages of an LLP

In an LLP, individual partners can commit the partnership to formal business agreements without the consent of the other partners. Also, money and property contributed to the LLP becomes owned by the partnership unless otherwise stated, and the contributor is not entitled to its return, except as stated in the partnership agreement.

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LLPs vary in legal requirements and liabilities by state, are not recognized in many states, and lack the ease of ownership transfer and investment that a corporate structure provides. In certain circumstances, LLPs are regarded as less preferable than other business forms.

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