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What is Limited Liability Partnership (LLP)?

A Limited Liability Partnership, or LLP, is a bit similar to a general partnership. However, in an LLP, some (or all) partners have limited liabilities. This basically means that the company must have at least two partners and each partner is only responsible for themselves. So, they can’t be held responsible or liable for another partner’s negligence or misconduct.

And, in this type of corporation, LLPs have the right to manage the business directly. However, the amount of liability limitation depends on state laws and can vary. For example, some states only limit personal liability for the negligence of a partner. Other states might take a more middle ground and only hold partners liable for their own negligence.

Some Advantages of Being a Limited Liability Partner:

  • All partners have liability protection and get a say in how to run the business’ day-to-day operations.
  • The process is easier to bring in new partners and/or let out older partners
  • Your personal assets are generally protected from any legal action. While you could lose assets in regard to the partnership in a lawsuit, you won’t lose your own.
  • In terms of taxes, you receive untaxed profits and THEN pay taxes individually. This is more beneficial than a corporation. There, the entire company pays taxes. Then, shareholders must pay taxes again.

Let San Diego Truck Insurance Help You File as an LLP

San Diego Truck Insurance has many skilled agents that understand the complex processes of filing for corporations. Therefore, we can help you through the process of filing your corporation as an LLP.

In fact, we can even assist in giving you advice or guidance on which classification or filing would be best for your company! So, don’t worry about the paperwork and legal requirements for your commercial trucking business. Instead, let San Diego Truck Insurance handle the difficult stuff so you can get back to running your business.

Simply contact San Diego Truck Insurance today and we’ll give you more information on filing as an LLP!

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