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How to Start a Limited Liability Partnership

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    Part of the video series: Business Laws

    From Quick Guide: Corporate Liability Defined

    Summary: Starting a limited liability partnership (LLP) requires a business partnership agreement that determines the amount the limited partner invests. Learn more about how LLPs work by hiring an attorney with insight from a lawyer in this free video on business law.

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    By Robert M. Todd
    eHow Presenter

    Robert Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions. He is a certified family mediator and Florida Supreme Court certified civil...read more

    Comments  

    maanco said

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    on 7/24/2009 Would you recommend sole-propritorship, LLC or Corp

    I am in the entartainment business by myself and there is a company already established that want me to work with them as a sole-proprietorship?, they will get the "gigs" and I am going to take care of them. They are going to pay me every week thru direct deposit into my business account which I need to established, therefore, the need to know the best way to establish my business: sole, LLC or CORP for todays needs and tomorrow's.

    Any suggestions??

    maanco

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    Video Transcript

    "You have been doing business with some partners and it has come to your attention that they want to be investors but they really don't want to be involved in the day to day operations and management. Hello I'm Robert Todd and I'm here to answer the question how to start unlimited liability partnership. It is important to note that a limited partner does invest in a company but by the nature of their limited partnership they have a limited liability. Obviously if they are going to have a limited liability you are going to need a partnership agreement. Now if you have never been involved in the preparation of a partnership agreement, either drafting one yourself or having one drafted for you you may want to strongly consider employing services of a lawyer that specializes in drafting partnership agreements. The partnership agreement is going to basically determine what amount the limited partner invests and to what extent that limited partner has liability if any and so you want to make sure this is done correctly. I'm Robert Todd and thank you for watching."

    eHow Article: How to Start a Limited Liability Partnership

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