A lawyer friend recommended this to me as an alternative to forming a corporation. Forming a corporation requires following a lot of strict rules that have lots of years of case law behind them. If you miss a step or do something incorrectly your corporation may be defaulted to regular partnership status. That leaves the heads of the company liable for every debt and liability of the company. No problem if there are no debts or liabilities, big problem if there are. A Limited Liability Partnership however is something relatively new, and most of the laws governing it are only fill in the holes left by a preexisting agreement. In other words, most of the law is phrased like "In lieu of a preexisting agreement, this is true." This gives us a lot more leeway than a corporation (in theory).

As of yet, I have not had time to track down all the firm details of what is required to form a Limited Liability Partnership.

What We Still Need to Know:

1. A straightforward list of the advantages and disadvantages of forming a limited liability partnership.
2. The rules and regulations for setting up a limited liability partnership.
3. Costs and fees associated with setting up a limited liability partnership.

If you think you know the answers or where to find the
answers to any of these questions, please e-mail me at
merrow@randomfandom.com or comment on the message
board.

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