Florida Limited Liability Partnerships (LLP)
What’s a Limited Liability Partnership (LLP)?
A limited liability partnership is similar to a partnership except that it provides the partners with liability protections so their personal assets are protected. In other words, one partner is not responsible or liable for another partner’s misconduct or negligence or for the business obligations (they would be if they were in a partnership).
A partnership can elect to operate as a limited liability partnership (LLP) by filing a statement of qualifications with the Florida Department of State. A limited liability partnership is taxed as a partnership.
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