Limited Liability Partnership
As the name indicates, the primary advantage a limited liability partnership (“LLP”) has over a regular partnership is limited liability. A Minnesota LLP is a popular choice among professionals since it limits a partner’s liability and does not require the creation of a new entity like a limited liability company (LLC) would require. (see below) In order to attain LLP status in Minnesota, the partners must vote to approve the status and then file a statement of qualification with the Minnesota Secretary of State. Work with a competent Minnesota business lawyer for form a Minnesota LLP.