California Limited Liability Partnerships - How To Register One
Auguest 9, 2004
By Richard Smith, LLB
Along with a number of other states in
the United States, notably Delaware, California allows
certain professionals to establish and operate their
businesses as limited partnership. However, unlike
other states, California limited liability partnerships
are limited to those who operate their business as
either attorneys or accountants.
In other words, limited partnership status
is not an available choice for all in this state.
Essentially, of course, lawyers and accounts want to
operate a California limited liability partnership because it means
that their partners are protected from any vicarious liability action:
permitting them to operate more freely than would be the case otherwise,
whilst, at the same time, affording them the more favorable tax
treatment provided to partnerships.
In the event that you are either a partnership of attorneys or
accountants, and would like to register a limited liability partnership
in the State of California, registration is required to be submitted
by means of filing a written statement with the Secretary of State.
With the filing of the registration statement, you'll need to submit
the filing fee and name of the partnership, which should contain
the words "Limited Liability Partnership"; "Registered
Limited Liability Partnership"; or "L.L.P.", "LLP",
or "RLLP" somewhere in the name.
California Limited Liability Partnerships - Only For Attorneys
and Accountants?
Unfortunately, at this time, limited liability partnership status
in California is only available to attorneys and accountants. If
you do not provide services in either one of these two business
sectors, the Secretary of State will not be able to accept your
limited partnership application submission.
On the other hand, if you are in either one of these two services
in California, and you wish to submit and application for limited
liability partnership status, keep in mind that you'll need to submit
the original documentation along with two full sets of copies. A
filing fee of $70 will also be incurred.
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