Limited liability partnerships and limited liability companies are two common ways to classify small businesses. While the two are similar in name, they are structurally different regarding management requirements, liability protections, tax benefits, and more.
It is vital for small business owners to thoroughly comprehend the structural differences between LLPs, LLCs, and sub-LLCs to correctly establish their company from a legal, tax, and management perspective. Working with business litigation attorneys like Ritter Spencer can ensure business owners understand varying legal structures thoroughly. Read below to learn more about LLPs, LLCs, and sub-LLcs.