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Why use an LLP instead of an LLC?

Limited Liability Partnership (LLP) A limited liability partnership is similar to a limited liability company (LLC) in that all partners are granted limited liability protection. However, in some states the partners in an LLP get less liability protection than in an LLC. LLP requirements vary from state to state.

Are limited partnerships registered in Illinois?

In Illinois, the Uniform Limited Partnership Act governs the creation and management of limited partnerships. The Illinois Secretary of State is responsible for the registration of limited partnerships.

What is the principal advantage of an LLP over an LLC?

The LLP business form comes with a docHub tax advantage over the LLC form. Under the LLP model, the partners in law firms can pass their profits or losses to their own individual tax returns come income tax time, meaning that the firm itself doesnt have to file a tax return.

Which is better LLP or LLC?

Choosing to run your company as an LLC or LLP depends upon your profession and your state. If youre a professional who needs a license to do business, youre better off running your company as an LLP if your state allows it. If you are not a professional, an LLC is usually the best fit for your business.

What is a certificate of good standing Illinois?

What is an Illinois Certificate of Good Standing? In Illinois, CGSs are issued by the Office of the Illinois Secretary of State. This legal document states that your business entity exists, that its allowed to conduct business in Illinois, and, most of all, that its in compliance with state regulations.

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What is the main difference between LLP and LLC?

LLC: Core Differences. 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.

How do I find Articles of Incorporation in Illinois?

To purchase a copy of a corporations Articles of Incorporation, please visit the Illinois Secretary of State Department of Business Services website - - and scroll to the section titled Obtain a Corporation Annual Report or Articles of Incorporation.

What is the difference between an LLC and an LLP?

A limited liability partnership is similar to a limited liability company (LLC) in that all partners are granted limited liability protection. However, in some states the partners in an LLP get less liability protection than in an LLC. LLP requirements vary from state to state.

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