Do we need to have a written LLP Agreement?
The answer is no. As the state laws usually implies conditions to a business form that is considered a partnership.
However, is this how you and your partner(s) want your Limited Liability Partnership to be run? Most people choose to have a partnership as they have control and flexibility of their own business. How are you possibly able to do that if you are relying on the statute to guide you on your business decisions?
It is wise to have a meeting with your …

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 …

When can I use a Limited Liability Partnership?
A Limited Liability Partnership or LLP can be used by most businesses but is commonly used if you are an accountant, architects or lawyer as these types of businesses were not allowed to form Corporations due to the fact that the shareholders have a say in the business which is not ideal in professions that need to be personally licensed. A LLP remains within the control of partners and they are responsible for every aspect of the business.
Also if you want to limit …