The liability of a limited partnership is that the general Telephone Number List partner is personally liable for the partnership's debts, obligations and liabilities. However, the limited partnership allows limited partners to avoid subjecting their personal assets outside of their investment. A limited partner is granted Telephone Number List limited liability as long as the partner does not participate in the control of the partnership business.
Limited Liability Company is an entity having one or more Telephone Number List members, organized under State statute. Limited liability companies have all the powers of natural people, which include the ability to transact business, sue or be sued, make contracts, own and Telephone Number List transfer real estate, and issue stock subject to limitations.
Compliance requirements for a limited Telephone Number List liability company require more formality in formation and operation, such as, filing Articles with the State, filing a Statement Telephone Number List of Information with the State, obtain an agent for service of process, and establish an operating agreement.