Starting a Minnesota Limited Liability Partnerships
Through proper registration, a general partnership can become a limited liability partnership. Status as a LLP will shield the personal assets of the partners in contract and tort actions. Although the status of LLP for a partnership does shield the partners from debts and liabilities of the partnership, banks and other businesses will often require a personal guarantee from the partners of newly established businesses as a way to avoid the shield.
Write a comment
- Required fields are marked with *.