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Starting an LLP (Limited Liability Partnership)? Started an LLP and need to issue partnership certificates that look professional and are easy to use? If yes, then this book is for you! What is an LLP (Limited Liability Partnership)? An LLP is a legal business structure, similar to a general partnership (or GP), where there must be two or more owners. Owners of an LLP are referred to as "partners" and are all classified as "general partners." In addition, each partner has the right to manage the company directly. However, GPs provide no limitation of personal liability where LLPs provide some liability protection. In an LLP, each partner is legally held liable for their own misconduct and negligence instead of all partners being held liable. Depending on the state, some LLPs offer a limitation of personal liability that is similar to a corporation and only certain professions (i.e. accountants, attorneys, architects, etc.) may form an LLP. What is an LLP partnership certificate? An LLP partnership certificate is a document that certifies ownership and specifies the number of units or percentage owned by a partner in an LLP. While LLP partnership certificates aren't required by federal or state law, it is still highly recommended for LLPs to use them. Without an LLP partnership certificate to show evidence of ownership a partner may have no say or control in how an LLP is structured or operates. LLP partnership certificates should be issued during the initial meeting of its partners. A partnership transfer ledger must also be used to accurately record partnership transactions whether it is an initial issuance of units or percentage of ownership or any subsequent transfers during the LLP's existence. This book contains 20 blank LLP partnership certificates (for the use of any LLP organized in the state of Alabama), a partnership transfer ledger to record buy-sell transactions of units or percentage of ownership, and bill of sale forms to document the purchase of units or percentage of ownership.
LLP Partnership Certificates Corporate Starter Kit: Organized in the State of Tennessee