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Purpose

Agency: Licensing and Regulatory Affairs


Any partnership, including limited partnership, may register as a limited liability partnership.

 ADVANTAGES

 DISADVANDAGES 

 1.  Some limited liability to
       partners

  1.  Some liability for partnership debts and
      general liability for own acts.
  2.  Relatively easy to form  2.  Lack of continuity - terminates on death or
      withdrawal of partner.
  3.  Low start up cost

 3. Divides authority among partners
  4.  Partners can provide
      additional capital
Related Content
 •  Registering in Michigan
 •  Registered Agent and Registered Office
 •  Naming a Limited Liability Partnership

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