Kiritsis & Associates
Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
A limited liability partnership (LLP) is a type of partnership that offers its partners protection from personal liability for the debts and obligations of the partnership. In an LLP, each partner is only liable for the debts and obligations of the partnership to the extent of their capital contribution. This means that the personal assets of the partners are generally protected from the debts and obligations of the partnership.
LLPs are often used by professional service firms, such as law or accounting firms, as a way to protect their partners from personal liability for the actions of other partners or employees. LLPs also offer the advantage of the simplicity and flexibility of a partnership, with the added benefit of limited liability protection for the partners.
However, it's important to note that while LLPs offer some protection from personal liability, they are not the same as corporations, and do not provide the same level of liability protection as a limited liability company (LLC).
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
Sources:
New York Business Corporation Law
New York Limited Liability Company
New York General Obligations Law
NYS Office of Professions
U.S. Constitution
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Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
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