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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

3. Allocating Losses and Profits in an LLP

If there is no partnership agreement, then income, losses and gains are allocated proportionally based on 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.

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