Washington DC Limited Liability Partnership Lawyers
A Washington DC limited liability partnership lawyer you can trust is an invaluable resource for your business. At Antonoplos & Associates, we have provided legal services to small and large businesses for over twenty years. As such, our group of skilled attorneys have the knowledge and experience required to guide your business through legal issues associated with limited liability partnership agreements.
Why You Need A Limited Liability Partnership Lawyer
Most business owners face business-related legal decisions on a daily basis. As the owner of a business, this should be no surprise and for many business-related legal issues, an attorney is not necessary. However, when polled, most business owners don’t have a trusted business attorney to represent their business when legal issues occur. The reason many business owners stated that they didn’t already have a relationship with a business attorney was that they thought that a skilled business attorney would be too expensive for the needs of a small business. As such, most business owners only hire a business lawyer when serious legal issues come up.
At Antonoplos & Associates, we don’t think you need a business lawyer for every decision you make. However, consulting an experienced business attorney is an invaluable resource for your company for two reasons. First, a good business attorney will be able to offer guidance on many issues such as reviewing the terms of an office space or storefront lease, drafting contracts that will establish business partnerships, or review a limited liability partnership agreement. Overall, incorporating a business attorney in general decision making ensures that your business will not enter into any potential disastrous agreements. Secondly, by discussing important parts of your business with a business attorney, this attorney will be better equipped to represent you in the event that litigation occurs. For these reasons, consulting and incorporating a business attorney into your business’s general decision making can even save your business money.
Below, you will find more information on how Antonoplos & Associate’s business law practice can help your business with limited liability partnership agreements.
What is a Limited Liability Partnership
A limited liability partnership, or LLP, is a partnership where each general partner has equal control over the partnership as he or she would in a general partnership, but these partners also enjoy the limited legal liability that is typically offered by a corporation or limited liability company.
An LLP generally operates like a general partnership, with each partner having equal power to make decisions and bind the partnership. However, unlike a general partnership, an LLP provides each member protection from personal liability beyond the extent of their investment in the LLP. Additionally, partners in an LLP are not responsible for another partner’s debts, obligations, or liabilities resulting from negligence, malpractice, or misconduct.
An LLP does have certain limitations. For example, unlike a limited liability company or corporation, an LLP’s owners can only be individuals. However, as a result, an LLP is taxed as a “pass-through” entity, meaning that its profits and losses are reported on the individual partner’s tax returns only and are not subject to “double taxation” like a corporation.
An LLP is generally favorable for professional associations, where all the partners in the business have equal ability to control the partnership but are still desire the liability protections of a corporation. Most states, including the District of Columbia, require a partnership to specifically elect limited liability partnership status and qualify for such status by abiding by the provisions enumerated within the State’s statutes. Understanding each of these provisions is crucial to your companies success.
For more information on Limited Liability Partnerships, please contact Antonoplos & Associates at 202-803-5676 or directly schedule a consultation with one of our attorneys. For general information on our business law practice or how to create a different type of partnership in DC, Maryland, or Virginia, check out our blog.
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