Limited Liability Partnership
Zier Law Offices LLC assists many types of business organizations from start-ups to substantial corporations. Legal guidance for setting up your business involves a number of steps, all of which are important and should not be overlooked. Rick Zier wants you to have all the information you need to select the best form of business structure for your endeavor.
- Separate entity from partners
- Liability protection for partners
- No double taxation of profits
- Limited Partners pay self-employment tax on guaranteed payments only
- Partner’s liability is limited to his or her investment in business
- Requires separate tax return
- Must have one general partner with unlimited liability
- Regular reporting to governmental agencies required
- Formalities are required to form
- Transfer of interests may be subject to securities law regulation
The above paragraphs contain general information regarding advantages and disadvantages of different business structures. They are intended only to give you a broad idea of the categorical differences between and among those structures. Always speak with a well-qualified business attorney and your accountant before making specific decisions about your personal affairs.