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LIMITED LIABILITY PARTNERSHIPS (LLPs)Limited Liability Partnerships ("LLPs") are a great way to minimize liability to its limited partners. However, each LLP needs a general partner. This brave soul assumes liability for the entire partnership, including its debts. But there are still some ways to get around personal liability for general partners. This requires a trained legal mind. There are certain procedural matters that must be taken into account when forming a limited liability partnership. To make sure you do things correctly to take advantage of the benefits provided to limited partners of LLPs, contact us. |