comm law 2- business entities- limited liability partnership

instead of LLP some states have

Professional corporations (PCs)

LLP definition

a general partnership that limits the liability of its partners for some or all of the partnerships obligations by making statutory required filings

creation and maintenance

not easy have to follow statute

according to statute you must…

• file a statement of qualification stating all partners are from the same profession

• annual reports showing you are still qualified

ownership

all own the same unless stated otherwise

control and management

equal unless stated otherwise

taxation

pass thru

liability

limited to your own malpractice

attraction to potential investors

none (private)

termination

can survive disassociation under RUPA

advantages

reduced liability

disadvantages

not every state allows for it