Limited Liability Partnership (LLP)
When choosing to go into business with other professionals, many business leaders choose to form partnerships. Depending on the type of partnership they decide to form, this could consist of each partner taking on a great deal of liability for the company. However, should a professional wish to limit their own liability, they can choose to form a limited liability partnership (LLP).
Limited liability partnerships offer business owners unique advantages that can increase their success while limiting individual liability. However, making sure that your LLP is formed and runs in the way that is most beneficial to you and your professional goals can be difficult without the guidance and support of a highly skilled legal professional. At Slater Pugh, Ltd. LLP, our team of Texas LLP lawyers has years of experience working closely with business professionals to help them make important business decisions, and we want to put the resources and experience of our team to work for you. Call us at to discuss the many nuances of LLPs and how we can help you with your business formation.
Benefits Of An LLP
Generally, the most important advantage that an LLP provides to each of its partners is freedom from liability regarding other partners’ debts and problems. While each partner is responsible for any debts they take on and their own actions/decisions, they do not have to accept similar responsibility for their partners’ individual decisions and actions.
As such, LLPs are particularly common among medical and legal practices, as it protects partners from facing the burdens of another partner’s actions, especially if they find themselves facing medical or legal malpractice suits.
Forming an LLP brings many benefits, but it can be an in-depth, complicated process that is different for every business. As such, you need a legal professional working with you who is willing to take a highly individual approach when it comes to helping you form your company. Call the Austin LLP attorneys at Slater Pugh, Ltd. LLP, today to discuss your LLP formation needs.