What are Limited Liability Partnerships?
In a business endeavor, partners often spend a great deal of time negotiating the division of profits. They spend less time discussing allocation of liabilities. It often comes as a surprise when disputes arise and the liabilities impact the partnership more significantly.
At my Austin, Texas, law firm, I represent clients in limited liability partnership (LLP) agreements, assisting them in entering into, forming and maintaining Texas LLPs. I am an experienced attorney and CPA who has handled a broad spectrum of significant financial, legal and business transactions throughout my career. I have the in-depth knowledge necessary to help my clients protect their interests and maximize the profits they receive in partnership agreements.
I handle a range of legal issues and other matters affecting limited liability partnerships:
- Filing a registration statement
- Drafting partnership agreements
- Negotiating business risks and profit sharing
- Assessing tax liabilities/tax classification of a partnership
- Mergers and acquisitions
- Termination and dissolution of partnerships
The LLP is a form of general partnership in which partners are relieved of their personal liability for partnership activities, debts and obligations. Texas enacted the first LLP statute in 1991. Texas law determines the nature and extent of relief from personal liability for Texas LLPs. Under this law, partners are insulated from vicarious responsibility for the malpractice of others, to the extent that it is not caused by their personal negligence or the negligence of people they supervise.
As an experienced lawyer, I have in-depth knowledge of Texas law. The quality of my work has been well recognized by my clients, and I have received the AV rating* under Martindale-Hubbell’s peer review system. I can answer any questions you may have about limited liability partnerships and the laws that affect them. For information regarding an LLP, call 512.457.1177 to speak with me, Attorney John McDuff.