llp partnership agreement
general partners can form an llp by signing a partnership agreement and filing an llc operating agreement and articles of incorporation with the secretary of state’s office. they share in the profits and debts of the company. when using this entity, the liabilities of each partner are segregated and limited to specific actions. however, state laws may not allow you to glean benefits from these passthrough entities and impose a franchise tax on the llp. doing so will assist in the efficiency of negotiation as well as consistency and fairness. i fell in love with the work and decided to open my own firm so i could keep helping them.