Free Consultation|USA Only +1 (866)754 4460|Outside USA +1 (516)822 3100
InfoTaxSquare.com - Website Logo
  You are here : Home  >   Services  >   Limited Liability Partnerships (LLP/LP)  
TESTIMONIALS
InfoTaxSquare.com - Testimonials  


Limited Liability Limited Partnership (LLLP)

 
Follow infotaxsquare on Twitter
2/5 stars (2 votes)
Category : > Limited Liability Partnerships (LLP/LP)
Posted On : Tue Apr 10th,2012

 
Formation of Limited Liability Limited Partnership (LLLP)
 

 

An LLLP is a new modification of the limited partnership. Similar to a limited partnership, the LLLP consists of one or more general partners and one or more limited partners. The key advantage of this form of ownership is that the general partners receive limited liability on the debts and obligations of the LLLP. However, an LLLP that is formed under the laws of another state must register with the  Secretary of State prior to conducting business in the state.

Key Features

  • The general partners manage the business operations of the LLLP, while the limited partners typically only maintain a financial interest.
  • The LLLP is a flexible form of business.
  • It is designed to offer limited liability to all partners in the partnership.
  • The partners will decide the structure of the organization and the distribution of profits and losses. A formal, written partnership agreement is advisable.
  • An LLLP does not pay income tax. However an LLLP must pay an annual tax of $xxx. The items of income, deductions, and credits "flow down" from the partnership to each partner through the Schedule K-1. Each partner is responsible for paying taxes on their distributive share.
  • An LLLP remains in in existence until any agreed upon termination date.

Filing Guidelines

  • Every LLLP that engages in a trade or business or earns income from  sources and every LLLP that registers with the  Secretary of State is required to file taxes as per the state guidelines.
  • The LLLP provides each partner with a schedule K-1 that states the partner’s distributive share of the partnership's (LLLP's) items of income, deductions, and credits.
  • The return due date is the 15th day of the 4th month after the close of the taxable year.
  • An LLLP must pay an annual tax.

Estimated Tax

  • No estimated tax requirements.
  • The LLLP may be required to withhold taxes if the partnership distributes source taxable income to a nonresident partner.
  


Committed to give our users most updated news!
For instant news please subscribe at www.infotaxsquare.com


Leave Your Comments
Your name :
Email Address : Will not be published
Please enter your email if you want us to send answer to your email. We have a strict policy of not to share your email address with any other party.
Your message :
Insert these letters into the textfield below: (required, case-sensitive): HLgGS
Do you want to Subscribe for
InfoTaxSquare Business News Bulletin?
Yes
No
Comments (2)
John   wrote on : Mon Apr 30th,2012
We are trying to set up an LLP in Canada with a U.S. entity? HELP!!!
Reply : infotaxsquare.com
 
Dear John,

Thanks for choosing InfoTaxSquare.com for your business needs. We only register LLP in USA not in Canada. We can only help you if you want to Form LLP in United States.


Committed to give our users most updated news!
For instant news please subscribe at www.InfotaxSquare.com


InfoTaxSquare.com
Business Documents
Filing!




Brenda   wrote on : Fri May 15th,2015
I went the rough incorporation of our company in Delaware, and was about to set up an LPin WA, then learned about LLLP's from my accountant just this morning. He is of the belief that this is a better way for me to set up my business in the USA. I am a Canadian citizen and a non-resident of the USA. I also would like to know if I need to set up LLLP's in each state that I want to do my real estate investing in, or is one LLLP good for all states. I was told that an LLLP set up in Florida could buy property in Washington state. I want to follow the rules, but minimize the taxes paid out. PS My husband will be my partner (also Canadian citizen and non resident of the USA).
Reply : infotaxsquare.com
 

Set up LPs (Limited Partnerships)

You are required to incorporate business where ever you are physically operating business or buying properties. For example if you have an investment property in NY then you are required to incorporate in NY, if you have another investment property in New Jersey then you are required to incorporate in NJ too........................You can also call us at 516.822.3100516.822.3100 to discuss it in person.

You can also use the following links to see, what our customers say about our professionalism and customer service.

Testimonials:

http://goo.gl/BnNqSd

Rated by BBB:

http://goo.gl/pnnhXL


Committed to give our users most updated news!
For instant news please subscribe at www.InfotaxSquare.com


InfoTaxSquare.com
Business Documents
Filing!





 


InfoTaxSquare.com - 10 Successful Years
Copyright © 2010, Infotax Square All Rights Reserved.
InfoTaxSquare.com - Allows Payment Processing With Visa, MasterCard, American Express and Discover
Terms and conditions, features, support, pricing and service options subject to change without notice.