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All the flexibility of a partnership, but with asset protection from the actions of other partners.
Your quote depends upon both your business type and the states in which you do business.
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An LLP is a partnership that allows each partner to share in management and provides some degree of protection from the liabilities of the partnership, including those caused by the actions of other partners. This structure is often used by professionals, such as attorneys and accountants, but in most states non-professionals can form an LLP. To operate as an LLP, a state filing and a registered agent is required.
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Yes. Several states, such as California and New York, only allow professionals to use LLPs. And in California, “professional” includes only lawyers, accountants or architects. Delaware, Georgia, Pennsylvania, Texas, and Virginia require insurance or an escrow account to cover liabilities. And, many states have a reduced form of liability protection. For example, many states' laws protect the partners from liabilities caused by negligence, but not from contract liability.
A limited liability partnership agreement is especially appealing to businesses that were prohibited in the past from forming a limited liability company (LLC) or corporation, such as accountants and attorneys.