What is a registered limited liability partnership (RLLP) and how is it formed?

😁 Partnership • Alternative Unincorporated Business Organizations PT#017

Legal Definition

RLLPs (sometimes just called "LLP") are formed by filing a statement of qualification and annual reports. No partner is personally liable for the debts and obligations of an RLLP however, they remain liable for their own wrongdoings (though not the actions of fellow partners or the partnership).

Related Concepts

What is a limited liability company (LLC) and how is it formed? What is a limited partnership and how is it formed?

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