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What is an LLLP company?

An LLLP is a limited partnership, and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more protected-liability limited partners. Typically, general partners manage the LLLP, while the limited partners interest is purely financial.

What is a Georgia limited liability company?

A limited liability company (LLC) is a business structure that offers limited personal liability on the part of the owner. An LLC also offers the possibility of certain tax benefits. A specialized attorney may be able to help you determine if an LLC is appropriate for your business.

Does Georgia recognize LLP?

Georgia law has several requirements to form a LLP in the state: Your LLP must have two or more partners; The name of your LLP must meet the requirements under Georgia law; You must have a federal Employer Identification Number (EIN) even if you do not have employees; and.

Are Limited Partnerships easy to establish?

Theyre not as easy to form as general partnerships Some states require you to secure a partnership agreement, a Certificate of Limited Partnership, a state ID number and workers compensation insurance to form a limited partnership. Some states dont require any of those things.

What is an LLLP in Georgia?

An LLLP is a type of limited partnership, however, unlike in an LP, LLLP general partners liability for LLLP debts or obligations is limited. BENEFITS. An LLLP can do anything that a regular LP can do. General partners have limited liability, and partners are protected from liability if the partnership is sued.

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