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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

2. Forming an LLP

Limited liability partnerships are formed by either:

Filing a certificate with the Secretary of State or
Filing a certificate to convert an existing general partnership to a limited liability partnership

Limited liability partnerships are run like general partnerships in that the partners manage the business directly. LLPs also have a similar degree of management flexibility. Income, losses and gains are passed through to the partners according to the partnership agreement.

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