What is a Limited Partnership?
Limited Partnership consists of one or more general or limited partners. Similar to a general partnership but offers the ability to have a limited partnership. Under NDCC Chapter 10-06.1, banking and insurance operations are not able to operate as a limited partnership.
What is a Limited Liability Partnership (LLP)?
A limited liability partnership protects all parties from liabilities or negligence of other partners in an LLP. There are many benefits to an LLP which include personal liability protection, tax breaks and an easier structure to manage. This allows a single entity to be taxed.
This process is used more often for companies owned by more than one person. To form a limited liability partnership, you must explore whether your business is eligible for this partnership. Consult with a North Dakota Registered Agent for further information!