LLPs: What are Limited Liability Partnerships?

WHAT TO EXPECT

Are you considering an LLP for your professional partnership? LLPs are essentially a formalized structure for traditional “partnerships” that people find themselves engaged in after going into business with someone else. When friends or acquaintances go into business together, they are taking a significant risk. They are entrusting their partner with a stake in their business, which is their livelihood. The limited liability partnership structure developed to protect individual partners from liabilities of the partnership. In certain states (including Oregon), LLPs are only available to partnerships of licensed professionals, such as accountants, architects, attorneys, chiropractors, dentists, landscape architects, naturopaths, nurse practitioners, psychologists, physicians, podiatrists, medical imaging licensees, and real estate appraisers. Essentially, the limited liability partnership will protect your personal assets from being seized in the case of a corporate lawsuit. This also means your partners are likewise protected. Consider carefully before hiring someone as an employee or freelancer before making them a partner.

GET ADVICE FROM A BUSINESS ATTORNEY:

If you are a professional seeking limited liability for your business, an LLP might be the right choice for you. The steps necessary to form an LLP under state law are relatively simple, but the rules governing their operations as well as those of other business entities are more complex. Failing to respect these rules can leave you exposed for the liabilities of your partnership. This is why it’s a good idea to hire a business attorney who has dealt the LLP structure, as well as others, before. At Northwest Business Law Group, our business lawyers can walk you through the legal jargon and guide you through your next steps. We take the time to review contracts, research, and make recommendations, so that all you have to do is make business decisions.

OUR ATTORNEY:

Eric Helmy

Business Attorney

TESTIMONIALS:

  • 100% Satisfaction with Communication
         Eric helped represent me with a very large lawsuit that was brought against me. 100% satisfaction with communication. It was timely; it was appropriate; it was insightful, thoughtful. From beginning to end, it was very clear that my legal counsel, Eric Helmy was by far the better warrior, so to speak, the intellectually, strategically, and we clearly outthought the opposition from beginning to end, and I don’t think they knew what hit them. The opposition didn’t have any choice but to really retreat and drop the suit, so I was very satisfied.
    Aloysius Fobia, M.D. Physician in Portland, Oregon
  • He'll Respond to Me When I Need Him.
         …I believe my law case never would have got off the ground without Eric’s attention to what was happening to me. I’m an excavator, in the tough times that have come along, there’s been several instances where the big developers think they’re not going to pay me, and I feel like they’re trying to [take advantage of] me. I can call Eric,…and he’ll come down and go sit in a meeting with me and all these big developers are writing checks before we’re getting up and leaving. …It’s nice to know that I have him on retainer, and he’ll respond for me when I need him. That’s the personal service you’ll get with him…
    Brad Bartlett Bartlett Excavation & Construction, LLC
  • We Left With Important Information and a Plan
         Our first meeting with Eric was very helpful. We left with important information and a plan, and now we have our own corporation! Eric was invaluable in the writing of our bylaws and in advising our business setup. He also had great insights into owning a business in the Northwest. Having him on our company’s side makes us feel ready for the legal hurdles we will face as our business grows.
    Jaclyn Stewart CEO of Jurevicious Studios
  • We are Very Pleased
         …We’ve worked with Eric on two different contract matters and [have] been very, very pleased with his advice and all the support he’s provided to members of our organization…We were really, really pleased with the quality of work Eric delivered, all the due diligence he performed, the advice he gave to the members of our staff…We would certainly recommend Eric, and we would hope to work with him again.
    Alice Forbes