LIMITED LIABILITY PARTNERSHIP
What is a California Limited liability Partnership? There are two types of partnerships recognized by the State of California--general and limited. Understanding the differences between the two is essential before entering into an agreement with another organization. Failure to do so could result in legal and financial risks that you may be unable to manage.
A General Partnership is when two or more entities join together equally. Because each partner is equal, they are all uniformly responsible for the partnership obligations and debts. In a Limited LiabilityPartnership, there is one general partner who is responsible for the debts and obligations of the partnership. Since the other parties are not liable, they therefore can't participate in the management of the partnership.
In the State of California, Limited Liability Partnerships are comprised of architectural firms, accountant firms, or law firms. If you are interested in filing for such a partnership, you have two options. You can download the Limited Liability Partnership Registration form, also known as the LLP1 from the Secretary of the State.
However, if you are looking for professional help in filing a Limited Liability Partnership, Jacobs & Dodds can help walk you through the process. Each of the lawyers in our dedicated service team has more than 24 years of professional legal experience. We have helped countless California companies file for incorporation and establish partnerships. Let us help you protect your business. Call Jacobs & Dodds today to take the next positive step towards your small business's success. Call us at:
(949) 645-7300.
