Limited Liability Partnership (LLP) Laws in Massachusetts
A limited liability partnership designation can be beneficial for a number of businesses. Shapiro Law Group, PC, and our business law attorneys in Massachusetts can help you decide if filing to be an LLP is the right choice for you particular business. If you decide an LLP designation is right for you, we can help you through the entire process. An LLP designation is used when a founding partner essentially runs the business. If there are silent partners, becoming an LLP may be the right choice. As long as the silent partners do not take on a managerial position, they will enjoy liability protection. Partners in an LLP are also free from the responsibility of other partners’ debt. This can protect others if one partner faces a liability of negligence or malpractice, for example. A managing partner is legally liable just as they would be in a simple partnership.
BENEFITS OF LIMITED LIABILITY PARTNERSHIP
An LLP enjoys the same kind of tax benefits as an LLC. Often with an LLP, a managing partner or partners own a larger share of the company compared to the silent partners. This makes this option popular for those who create a company and want to be the managing partner as other partners take on a silent role.
EXPERIENCED LLP ATTORNEYS
As with any step toward legally growing and conducting business in Massachusetts, filing to be an LLP can be overwhelming and leave you with many questions. The guidance and advice from the business lawyers at Shapiro Law Group, PC, can be your resource for information as we help you navigate the process. It is important to understand the legal implications of becoming an LLP and what all that entails. The paperwork, tax issues, and managerial liabilities should be clearly understood by everyone involved. Our knowledge of Massachusetts business law and our ability to give you the time and information you need to make the best decision is why we are the ideal choice for business owners. Let us help discover the best options for your business and handle the legal services you need when you form an LLP. The attorneys at Shapiro Law Group, PC, are ready to help you. Contact us today to set up your free initial consultation. (617) 203-8895.