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Who can form a PLLC in Washington state?

(1) A person or group of persons duly licensed or otherwise legally authorized to render the same professional services within this state may form and become a member or members of a professional limited liability company under the provisions of this chapter for the purposes of rendering professional service.

What is the difference between LLP and LLC?

In basic terms, the owners of an LLP are considered partners in an organization, while the owners of an LLC are members. As a result, there are key differences between how the limited liability protection is recognized, how an LLC and LLP are managed and how each structure is taxed.

What is the purpose of a limited partnership?

Limited partnerships are generally used by hedge funds and investment partnerships as they offer the ability to raise capital without giving up control. Limited partners invest in an LP and have little to no control over the management of the entity, but their liability is limited to their personal investment.

Why is an LLC better than an LLP?

If you are not a professional, an LLC is usually the best fit for your business. Check with your state to see whether it allows LLPs and, if so, whos allowed in an LLP. If you want more liability protection, youre best advised to form an LLC instead of an LLP.

What is difference between LLC an LLP in Washington state?

Limited Liability Company LLCs have members rather than partners, but their individual liability is limited to their interest in the business. And unlike LPs and LLPs, which are multi-person partnerships, one person can form an LLC.

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