Alaska Limited Liability Partnership Definition
Alaska Limited Liability Partnership
DEFINITION
An Alaska limited liability partnership is a legal business entity, a “person” by law, which exists separate from it partners. A partner of an LLP is a “person” (individual or entity) admitted to the LLP. All partners of an LLP may actively participate in the management of the business. The roles of each partner are defined in the limited liability partnership agreement, which the LLP keeps and maintains. Partners’ liability may be limited to their contribution. Limited liability does not shield owners of the LLP from the partner, co-partner or the LLP’s negligence liability. Each partner maybe taxed separately and pays taxes on their share of the business income.
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