(800) 773-0888

Limited Liability Partnership
	Overview
	Check Pricing
	3-Step Process
	Why LegalZoom?

Education Center
	LLP Education
	FAQ


	Over 500,000 satisfied customers
	World-class customer service
	100% Satisfaction Guaranteed

Home | Business Formations | 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

3. Allocating Losses and Profits in an LLP

If there is no partnership agreement, income, losses and gains are allocated proportionally to the partnership interests of each partner. Partners can agree among themselves as to how income, losses, and gains will be divided among the partners. The partners then report the allocated amount on their individual income tax returns and pay taxes accordingly.

To learn more and speak with a representative, please call us at (888) 381-8758. We are happy to answer any questions you may have.

Start the Process

LegalZoom Newsletter

Choose Another Document

(800) 773-0888

© LegalZoom.com, Inc. All rights reserved.
Disclaimer: The information provided in this site is not legal advice, but general information on legal issues commonly encountered. LegalZoom's Legal Document Service is not a law firm and is not a substitute for an attorney or law firm. Your access to and use of this site is subject to additional terms and conditions.
Click here for our full disclaimer. Click here for site directory.