Arkansas Limited Liability Partnership Definition
Arkansas Limited Liability Partnership
DEFINITION
An Arkansas Limited Liability Partnership (LLP) allows all the partners to take an active role in the
management of the business while offering members some liability protection from actions of
the other partners, the partnership, and the partnership employees. LLPs are most often used by
groups of professionals such as doctors, accountants, or architects.
Limited Liability Partnerships:
• Are treated like partnerships by the Internal Revenue Service.
• Are required to file informational returns with the Internal Revenue Service and Arkansas
Income Tax Division.
• Do not provide liability protection to individual partners for their own actions.
• Are created by filing a Qualification of Limited Liability Partnership with the Secretary
of State.
• Must file an annual report with the Arkansas Secretary of State.
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