A Limited Liability Partnership (LLP) is a joining of 2 or more people in business. The advantage is that there is limited personal liability. In other words, someone cannot take your house to pay the business' debt.LLP cannot be used on a business name without proper registration with the state. It should be noted that there are two types of LLP's, foreign and domestic.Domestic is a LLP formed within a state. Foreign is a LLP from another state.Before establishing an LLP, please research the laws in your state. Some require escrows, bonds, or mandatory insurance.
Instructions
1. Research the business name: The Secretary of State will not issue register a company if it has the same name, or a name so similar to another that it could cause confusion to consumers. Think of the movie, "The Boiler Room" where the company (J.T. Marlin) was clearly named so that it would be thought to be the famous one (J.P. Morgan).
2. Go to the Secretary of State site in the state you want to file. Some will allow you to file online, but most have PDF files that you download and print out.
3. Fill out the form completely: A typical form includes:1. Name of Company (include the LLP)2. Note if it is domestic (within state) or foreign (out of state).3. What is the jurisdiction of the LLP4. Full address of business5. Note if the person is an Agent for the company, and not a partner. This is like when you see those commercials about incorporating in Nevada. Those people are acting as agents by using a Nevada address even if the company is not within Nevada.6. What kind of LLP will the company be. Believe it or not, there are some companies that are not qualified. Every state is different, so look into the laws.7. Depending on your state there may be other information to fill in.
4. Sign the LLP- At least one partner has to sign it or their authorized agent.
5. Mail back with the fee or hand it in in person. Please note that some states are actually charging people a separate fee if they do it in person, since that is considered expedited.
