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.
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!
A professional limited liability partnership is exclusively for licensed professionals who are legally authorized and licensed to provide professional services. See Limited Liability Partnership for more information on liability.
Limited Liability Limited Partnership (LLLP) Consists of one or more general or limited partners. Similar to a general partnership but limits the liability of a general partner. This is the least common limited Partnership and it is typically used in the real estate industry.
General Partnership consists of an association of two or more persons or business entities known as general partners. The general partners will execute a partnership agreement addressing capital, contributions, and partnership control.
Sole Proprietorship is one individual owner or jointly owned by a married couple who file jointly with the IRS. A sole proprietor has total control of their business.