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.
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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