Form A Limited Liability

It is very important to understand about your company structure before you decide to register business. Here we will try to present some variances between Limited Liability Companies and Limited Liability partnerships. Technically both are companies. 

Limited Liability Company (LLC) 

• Company
• Limited liability Company
• File Article of Organization or Formation
• Owners are called: Members
• Can be formed by one member
• Recognized in all 50 states but can be
• Restricted for specific functions
• Pass through Entity for Tax Purposes

Limited Liability Limited Partnership (LLLP) 

• Company
• Limited Liability Limited Partnership
• File Article of Organization or Formation
• Owners are called Partners
• Two or more partners
• Few states do not recognize LLP's
• Pass through Entity for tax purposes
• The large law firms and large accounting firms are LLLPs is that they can be an LLLP in every state. But they can’t operate as an LLC in every state

Incorporate or Form an LLC 

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