Any Special Provisions for Limited Liability Partnership?
16 November 2008
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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 relief to the small as it maintains business privacy.
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