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As in a partnership or Limited liability company (LLC), the profits of a Limited liability partnership (LLP) are allocated among the partners for tax purposes, avoiding the problem of "double taxation" often found in corporations. Some US states have combined the LP and LLP forms to create limited liability limited partnerships.
The limited liability limited partnership ( LLLP) is a relatively new modification of the limited partnership. The LLLP form of business entity is recognized under United States commercial law. An LLLP is a limited partnership, and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more ...
There are many types of business entitiesdefined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companiesand other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province.
e. A limited partnership ( LP) is a type of partnership with general partners who have a right to manage the business and limited partners who have no right to manage the business but have only limited liability for its debts. [1] Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability.
Website. cpchem .com. Chevron Phillips Chemical (CPChem) is a petrochemical company jointly owned by Chevron Corporation and Phillips 66. The company was formed July 1, 2000, by merging the chemicals operations of both Chevron Corporation and Phillips Petroleum Company. As equally-owned company, it is governed by a board of directors composed ...
Partnership. C corporation. S corporation. Formation. Business license (and possible a “doing business as” (DBA), depending on your state), partnership agreement not required but recommended
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