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Worksheet on Limited Liability Companies, Limited Partnerships and Limited Liability Partnerships Nolo Press is a publisher of numerous self-help law books. It has a web site and publications with information on various business topics. You can find basic information on a wide variety of legal topics at its online Legal Encyclopedia. Go to the website. Scroll down the page, read through the sections and explore some of the links. Then answer questions 1-3. 1. Is it difficult to form an LLC? What legal requirements must be met to form one? Forming an LLC seems fairly easy. You must choose a name not already used in Minnesota for your business and have LLC within the name. Example being, “My Business, LLC.”…show more content…
Corporations are taxed as a separate entity. The words “limited” and “partnership” appear in both the limited partnership and the limited liability partnership. Yet these two forms of business organizations are distinctly different. Moreover, both of these forms of business organization are distinctly different. Moreover, both of these forms are also distinctly different from the general partnership. The first URL given below will take you to an article on the web site of titled “The Difference Between a Partnership and a Limited Partnership.” Read through the article and then answer the following questions: 4. How is a general partnership formed? Do any documents need to be filed with a state agency to create a general partnership? How does the formation of a limited partnership differ from the formation of a general partnership? General partnership is formed when at least two people start a business for profit. A “statement of partnership authority” may be filed at the discretion of the partnership. In a limited partnership documents must be filed versus a general, they do not. Also, there must be an agreement between people who engage in a limited partnership. It is also recommended that limited partnerships keep an operating agreement. 5. What are some of the advantages of an LLP? Each

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