What is the difference between an LLC and an LLP?

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What is the difference between an LLC and an LLP?

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In a limited liability company (LLC), owners, known as members, are not personally liable for your company’s debts and liabilities without a separate agreement. In a partnership, the partners of a business do not receive this kind of protection unless the agreement designates limited liability. Owners of an LLC and an LLP must file registration with the Florida Department of State, Division of Corporations. A partnership does not require this level of paperwork or payment of fees before operations. Both forms of business structure report business income or losses on their personal tax returns.

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