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 partners and discuss what your business expectations are and what you hope to achieve. This will not only give you an idea of what each others expectations are but it can reveal any points that there maybe of possible conflict and deal with them before you even form your partnership.

You do not have to spend extortionate amounts of money to have a partnership agreement drawn up. If you and your partners can come together and note down those matters that are important to you and what you have agreed you can have it drafted easily by online legal document drafters at a fraction of the cost.

Related posts

• Any Special Provisions for Limited Liability Partnership? (0)
• When to Use Limited Liability Partnership? (0)
• How is an LLP Taxed? (0)
• Formation Of Partnership (0)
• Advantages of LLP – Limited Liability (0)

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.

Related posts

• Written Limited Liability Partnership Agreement? (0)
• When to Use Limited Liability Partnership? (0)
• How is an LLP Taxed? (0)
• Formation Of Partnership (0)
• Advantages of LLP – Limited Liability (0)