Rhode Island Registration of Limited Liability Partnership (Domestic LLP) is a type of legal entity created under the laws of the State of Rhode Island to provide limited liability protection to its members. A Domestic LLP is a business structure that combines elements of both a corporation and a general partnership, allowing the members to take advantage of the limited liability of a corporation while enjoying the flexibility of a general partnership. In order to form a Domestic LLP, a certificate of registration must be filed with the Rhode Island Secretary of State, along with a Statement of Qualification and a Statement of Domestic Limited Liability Partnership. The Certificate of Registration must include the name of the Domestic LLP, its address, the name and address of each member, the name and address of an authorized representative, the date of formation, and any other information required by the Rhode Island Secretary of State. Once the Certificate of Registration is filed, the Domestic LLP is officially formed and can begin operating and conducting business in the state of Rhode Island. The two types of Rhode Island Registration of Limited Liability Partnership (Domestic LLP) are an online registration and a paper registration. An online registration can be done quickly and easily through the Rhode Island Secretary of State website. A paper registration requires the submission of a Certificate of Registration, a Statement of Qualification, and a Statement of Domestic Limited Liability Partnership, all of which must be notarized and sent to the Rhode Island Secretary of State.
Rhode Island Registration of Limited Liability Partnership (Domestic LLP)
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FAQ
The LLP has characteristics similar to a general partnership (GP), but has limited liability protections similar to that of a limited liability company (LLC). The main characteristics of an LLP are creation, maintenance, continuity, ownership, control, personal liability, compensation, and taxation.
Every Limited Liability Partnerships must have at least two partners and at least two individuals as designated partners. At any time, at least one designated partner should be resident in India. There is no maximum limit on the number of maximum partners in the entity.
Rhode Island LLC Processing Times Normal LLC processing time:Expedited LLC:Rhode Island LLC by mail:3-4 business days (plus mail time)Not availableRhode Island LLC online:3-4 business daysNot available
What are the characteristics of a Limited Liability Partnership (LLP)? An LLP is taxed like a general partnership and the profits and tax liability pass through to the partners. Partners are personally liable for the partnership's debts and obligations, their own acts and acts of others under their supervision.
Characteristics of limited liability company include separate legal existence, limited liability, flexibility in taxation, and simplicity in operation.
Limited liability partnership (LLP) is a type of general partnership where every partner has a limited personal liability for the debts of the partnership. Partners will not be liable for the tortious damages of other partners but potentially for the contractual debts depending on the state.
The LLP structure protects individual limited partners from personal liability for negligent acts of other partners or employees not under their direct control. In addition, individual partners are not personally responsible for company debts or other obligations.
Typically, ?doing business? is defined by activities such as maintaining a physical office or having employees in the state. Rhode Island LLC and corporation law lists several activities that are not classified as transacting business in the state.