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LIMITED LIABILITY PARTNERSHIP

 

LIMITED LIABILITY PARTNERSHIP


1. Limited Liability: One of the most important features of a limited liability partnership is that the partners are not personally liable for the debts, obligations and liabilities of the business. This type of protection provides the partners with peace of mind that their personal assets will not be used to cover any business losses.


2. Flexible Governance: A limited liability partnership does not require vast amounts of paperwork as most of the governance of the business can be created by the partners themselves. This allows the partners to create a governance arrangement that best suits the business’ needs.


3. Continuity of Business: In the event of the death or departure of a partner from the business, the remaining partners can continue the business without any disruption. This is due to the fact that limited liability partnerships are not dependent on the individual partners, but rather the business as an entity.


4. Tax Advantages: Limited liability partnerships may be eligible to receive certain tax advantages such as deductions for losses and hardships, as well as the availability to split income among the partners.


5. Management Ease: In a limited liability partnership, the partners.

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