LLP stands for limited liability partnership. As the name suggests ... In either case, the LLP must be defined by an operating agreement, she says. Difference Between an LLP and LLC An LLC ...

When drafting a partnership agreement, an expulsion clause should be included, detailing what events are grounds for expelling a partner. Limited Liability Partnership Limited liability ...

A limited liability ... as a partnership, it must file Form 1065. (If members have elected to be treated as a corporation, Form 1120 is filed). With an LLC, a business continuation agreement ...