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Limited Liability Partnership (LLP)
This business organization structure type is similar to general partnership, the primary difference being a partner’s limited liability exposure. Simply doing business does not form limited liability partnerships.
Filing a registration with the appropriate state office forms them. Many states restrict LLP's to professional groups and not all states recognize these partnerships.
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PARTNERSHIP TOTAL
Starting at $389*
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PARTNERSHIP PLUS
Starting at $289*
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PARTNERSHIP
Starting at $189*
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Product Options
Yes
Yes
Yes
Yes
Yes
Yes
Yes
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Annual Business Renewal Service
Prevent lapse of business renewal with our annual business renewal service.
Yes
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Copy of State Seal Certified Documents
Copy of state incorporation documents certified with state seal.
*Plus Filling Fees
Pros to Limited Liability Partnership:
- Shields partners from LLP’s debts and obligations.
- Partners have complete control regarding decision-making.
- Partners own agreed upon amount of all of the profits.
- Partners own agreed upon amount of all of the assets.
Cons to Limited Liability Partnership:
- Business life may be limited based on partnership agreement.
- Funding is limited to consumer loans and personal savings of the partners.
- Partners are responsible for all day-to-day operations.
Tax Implications
- Partners will pay self-employment tax on the income they receive from the business.
Additional Business Formation Needs
Business Credit Profile
The business credit profile, similar to consumer credit profile, speaks to the business’s creditworthiness.
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Federal Tax ID (EIN)
Federal Employer Identification Number (EIN) is a business its tax ID, like a Social Security Number (SSN) for an individual.
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Business Tax Receipt
Most city/county municipalities have a business tax receipt requirement.
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More Business Solutions
Business Operation Efficiency
Naming The Business
Human Resources
The efficiency of your business operation is responsible for the quality of your products and services.
There are a few reasons that would require a business name, from current state legislation to marketing strategies.
Hiring the person with the right skill-set and experience is vital to the quality of the finished product or service.
Request a Custom Quote
Have a specific question about a product? A Burdham Group Specialist will follow up with a custom quote along with a comprehensive assessment of your needs.
Include area code, extension and county code if applicable.
Talk to one of our experts. We are here to help. 888.313.2157
OPERATION SOLUTIONS »
Incorporation Solutions
Naming the Business
Federal Tax ID (EIN)
Business Tax Receipt
Business Credit Profile
Business Operation Efficiency
Human Resource
MARKETING SOLUTIONS »
Consumer Identification
Product Analysis
Product Price Analysis
Product Promotion Analysis
Product Placement Analysis
Consumer Insight
Competitive Intelligence
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Disclaimer: Burdham Group is not a law or certified public accounting firm and does not provide legal or tax advice. If legal or tax advice is required, please seek the services of an attorney or certified public accountant.
