We lived in California, community property. However I want to become a limited liability parnership in our business. Right now we are general parners. Anybody has any thoughts or ideas??
Will appreciate any comments.
Thanks
2006-10-05 09:00:44 · 3 answers · asked by anaangel94804 2 in Business & Finance ➔ Small Business
we are not professionals, we are used car dealers. However I not sure if it is llp or just a limited parner. I know that there has to be at least two partners.
2006-10-05 10:33:17 · update #1
Limited liability partnership (LLP) is a form of business organization available exclusively to professional services firms (accounting, architecture, engineering, law, medicine, etc.) If your business is a professional services business, then you can form a limited liability partnership.
2006-10-05 09:07:20 · answer #1 · answered by NC 7 · 0⤊ 0⤋
As stated above, the LLP is not based upon who owns the buisness as much as what you do. You must be a professional, have the proper buisiness licenses, and process the right paperwork. I know that California is especially strict on rules and requirements, so I am sure there are some local rules you need to look into. As long as you are a professional organization, you should have no problem converting your business into a LLP with your spouse. In fact, it is a very wise move to make to protect your personal assets from potential actions should problems relating to your business arise. Good luck
2006-10-05 09:10:09 · answer #2 · answered by Craig B 4 · 0⤊ 0⤋
don't understand of any, yet in case you want to take out a private loan or a employ you'll likely be envisioned to furnish a own assure, which places you again right into a similar position as a sole dealer with reference for your legal duty.
2016-12-04 07:39:00 · answer #3 · answered by harbert 4 · 0⤊ 0⤋