LLP Formation

C Corp
Limited Liability Company
Limited Liability Partnership
Non-Profit Organization

The Limited Liability Partnership (LLP) is a business entity that offers limited liability protection and pass-through taxation. An LLP can be managed by either the members or by managers.

 

The LLP allows for pass-through taxation as its income is not taxed at the entity level; however, a tax return for the LLP must be completed. Any income or loss of the LLP as shown on this return is passed through to the owner(s). The owners, also called members, must then report the income or loss on their personal tax returns and pay any necessary tax.

 

As with corporations, the LLP legally exists as a separate entity from its owners. Therefore, the owners cannot typically be held personally responsible for the debts and liabilities of the LLC.

 

Advantages of an LLP:

 

  • LLPs allow for pass-through taxation
     

  • Members on an LLP are not typically held personally responsible for the debts and liabilities of the business
     

  • LLPs are typically held by those with professional licences such as attorney's, architects, doctors etc.
     

  • LLP partners have more flexibility in structuring the management of the company
     

  • An LLP does not require as much annual paperwork, or have as many formalities as a C-corporation or an S-corporation
     

  • Written consent of LLP members must be obtained prior to increasing ownership in the company
     

  • Potential customers may perceive an LLP as a more professional entity than a sole proprietorship or partnership
     

To create an LLP the proper formation documents, typically called the Articles of Incorporation or Certificate of Incorporation, must be filed with the appropriate state agency and the necessary state filing fees paid. All formations come with the following:

 

  • Preparation and Filing of all Documents
     

  • Preliminary Name Check with State
     

  • Free Registered Agent Service for 6 months
     

  • Expedited Processing Service
     

  • Corporate Kit & Seal
     

  • Tax Id (EIN) Form Preparation
     

  • Corporate Forms PDF File
     

  • Certified Copy of State Filed Documents
     

  • Overnight Shipping

Level I - LLP formation fee $850
3 hours of consulting included.

Level II - LLP formation fee $950
5 hours of consulting included.

The LLP, while it doesn't require as much formality as a corporation, still requires that good records be kept. The LLP kit maintains and preserves your company records all in one binder. Price includes:

 

  • Quick turnaround. 10-14 business days.
     

  • A professional binder enclosed in a matching slip-case
     

  • 20 custom-made, numbered, membership certificates printed with your company name
     

  • A membership transfer ledger, which allows you to keep accurate records of membership
     

  • A custom LLP seal
     

  • Customized Operating Agreement (not a blank form) for your company. A $400 Value
     

  • Tax ID (EIN) Obtainment. An $80 Value. A representative will call you. SSN required for obtainment.
     

  • FREE Resident Agent Service for 6 months. A $189 Value
     

  • 3 hour FREE consulting is a $450 Value
     

  • 5 hour FREE consulting is a $750 Value

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