Partnership and LLP

Thinking in Partnering? Manage the Business together and split profits

  • 1 hour
  • $350
  • Location 1

Service Description

A Partnership is a form of shared ownership and management of a business. It comes into a existence with two or more people. This entity is extremely flexible, the partners may agree to split the profits and manage the business in virtually any way they want. It is a separate legal entity, it means all the properties acquired by a partnership is property of the partnership and not of the partners individually. In addition, the partnership must have to file a separate tax return. Usually, the partners contribute with money, property, and/or services, and in return receive a share of profits it earns. What is New? - Professionals in all the states now have the option to form a special type of partnership called Limited Liability Partnership (LLP) and the most crucial advantage is that it limit the partners liability for malpractice, claims and in some states debs incurred by the partnership. LLPs don't come into a existence automatically like general partnership, you must requires registration with the state government, annual fillings, and administration fees. You can contact us if you would like to know a little more about this entity.

Contact Details

  • Asheville, NC, USA