Ch. 17 Limited Liabilty Business Forms

Articles of organization

the document that is filed with the appropriate state official, usually the secretary of state, when a limited liability company is formed

Certificate of limited partnership

the document that must be filed with a designated state official to form a limited partnership

Family limited liability partnership (FLLP)

a limited liability partnership (LLP) in which the majority of the partners are members of a family

General partner

in a limited partnership, a partner who assumes responsibility for the management of the partnership and has full liability for all partnership debts

Limited liability company (LLC)

a hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership

Limited liability limited partnership (LLLP)

a type of limited partnership in which the liability of the general partner is the same as the liability of the limited partners-that is, the liability of all partners is limited to the amount of their investments in the firm

Limited liability partnership (LLP)

an hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. An LLP is a pass through entity for tax purposes, but a partner's personal liability for the malpractice of other partners is limited

Limited partner

in a limited partnership, a partner who contributes capital to the partnership but has no right to participate in its management and has no liability for partnership debts beyond the amount of her or his investment

Limited partnership (LP)

a partnership consisting of one or more general partners and one or more limited partners

Member

a person who has an ownership interest in a limited liability company

Operating agreement

an agreement in which the members of a limited liability company set forth the details of how the business will be managed and operated