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by Massey on May 9th, 2005

Massey

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What do LLC and LLP stand for in relation to corporations? What does each mean?

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  • by hazmat_matrix on May 17th, 2005

    hazmat_matrix

    This is one of the most popular business structures for small businesses for those that don't mind a little extra paperwork. If you want your business to have the tax advantages and flexibility of a sole proprietor or partnership, while keeping yourself from the liabilities that both sole proprietors and partnerships have, you would want to form an LLP or LLC. An LLP is a Limited Liability Partnership and an LLC is a Limited Liability Corporation.

    Like a corporation, an LLP/LLC offers its members separate legal entities from the business, meaning the owners' personal assets are not liable, like in the other structures. This type of entity also incurs single-taxation, unlike corporations, which have double-taxation. Forming an LLP/LLC will cost more to set up in you local state, but each state is very different, ranging from $30 to $800.

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