A Limited Liability Company (LLC) is an organization form in some states that may be treated as a partnership for federal tax purposes while offering limited liability protection to its owners at the state level. This entity may be subject to state franchise tax as a corporation. Two common forms of these entities are Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs), which protect individual partners from the liabilities of other partners.
A Limited Liability Partnership (LLP) combines the benefits of traditional partnerships with limited liability. It provides flexibility in business operation while offering liability protection similar to corporations.
A Limited Liability Partnership (LLP) is a business structure that combines the benefits of a partnership with those of a corporation. It provides its owners with limited liability protection while still allowing for the pass-through taxation benefits of a partnership.
