When starting a corporation, there are several corporate forms to choose from. Three of those are different types of limited liability corporations. more »
eHow launches Android app: Get the best of eHow on the go.
When starting a corporation, there are several corporate forms to choose from. Three of those are different types of limited liability corporations. more »
Owning a business is a dream for many people. Illinois is one of several states that is witnessing a growing number of small business started each year. Starting your own business is part of the American dream, and many families find that running a business together helps them grow as a family unit. The rewards of business ownership... more »
Starting your own business can be an exciting and overwhelming experience. There are so many things to do just to become official that some people quit before they even get started. One of the things you must do is to register your business name. This is one of the most important things to do because it gives you credibility and makes... more »
A partnership agreement is usually discussed when two or more individuals start up a business. It is a contract between the parties who are contemplating the joint business venture, and their signatures signify that they understand the terms of the partnership and are willing to be legally bound by all the rules they have devised. more »
Would you be interested in learning how to earn more money and better serve your clients at the same time? With large firms under increasing distress, many brokers and bankers have grown more concerned about the future of their employers (and their careers). As a result, the advantages of starting one's own investment firm have become... more »
A limited liability partnership (LLP) shields the personal wealth of each member of the partnership, and provides protection from lawsuits that... more »
Limited liability partnerships (LLPs) combine the shielded liability aspect of corporations with many of the same practices of a partnership, such... more »
A limited liability partnership is a business partnership where some or all of the partners have limited financial liability. This business... more »
A limited liability partnership (LLP) is a business structure under which one partner might not be personally liable for the actions of another... more »
A limited liability partnership (LLP) is a business structure under which one partner might not be personally liable for the actions of another... more »
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partners misconduct or negligence. This is an important difference from that of a limited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.Ray, James C. (attorney). "The Most Valuable Business Forms Youll Ever Need" (3rd Ed.) Page 13. 2001 Sphinx Publishing, USA. In some countries, an LLP must also have at least one "general partner" with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. As opposed to that, corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporations best interest. An LLP also contains a different level of tax liability from that of a corporation.
Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries the LLP is more suited for businesses where all investors wish to take an active role in management.
There is considerable confusion between LLPs as constituted in the U.S. and that introduced in the UK in 2001 and adopted elsewhere - see below - since the UK LLP is, despite the name, specifically legislated as a Corporate body rather than a Partnership.
National variations
:For a fuller country-b read more at » http://en.wikipedia.org/wiki/Limited+liability+partnership
Connect with people who share your interest by joining one of our Groups:
How to Become a Game Warden in Tennessee
How to Bypass School Internet Filters
Ballet Leg for Synchronized Swimming Figures
How to Get Fired Gracefully
How to Stop a Shopaholic
How to Drive Defensively During the Holidays
Wonders of the World
Copyright © 1999-2009 eHow, Inc. Use of this web site constitutes acceptance of the eHow Terms of Use and Privacy Policy. en-US Portions of this page are modifications based on work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License.
