How do I run a Limited Liability Partnership?
Well its relatively simple compared to a Corporation, as you do not have to hold formal meeting for the directors and the shareholders or take minutes. However, a partnership relies heavily on what was agreed in the Partnership Agreement. Therefore, the partners may prepare minutes and agree to have regular meetings for the smooth running of their business.
As is required for a Corporation an LLP is not required to report its accounts, which is open to public inspection. This is usually a great …

Do I need an attorney to incorporate my business?
Well it is usual for most people to instruct an attorney when setting up a new business, it can be daunting and a stressful time dealing with the paperwork involved with forming a corporation, hiring an attorney does alleviate this part for you.
However the actual process of incorporation does not require you to hire an attorney.
There is another option you can choose, which is to complete the documents yourself, now you can get them from a variety of sources for example; stationers …

Can I leave my spouse out of the Will?
In most states, a will is unable to disinherit a spouse. The spouse has the right to claim a share of the estate, which must be done through court. She must file a claim into court and confirm that she is due a share of the estate and the court must then put a hold on the probate of the estate and look to the provisions of the state.
There a few states that are community property states that will not allow a …

Do I have to have a Will drawn up by a Lawyer?
In about half of the US states, they still accept “holographic” wills which is a handwritten will that is created and signed by only the testator. You are not required to have the will witnessed, the state only requires basic criteria’s to be met.  But it is important to know that once it comes to probate the courts tend to scrutinize the legitimacy of the will and can interpret the will in their own way if they have ambiguous …

How is Limited Liability Partnership Taxed?
An LLP has a further advantage over an LLC, in respect of taxes. You will not be subjected to double taxation, in which your business is taxed and then you are also taxed for the profits you take out of the business, in effect being taxed twice. Instead, in a Limited Liability Partnership the profits and losses are passed through to the individual partners who then file there own tax return forms.
However, an LLP still has to file a tax return for the partnership you …