Indiana Limited Liability Partnership Definition
Indiana Limited Liability Partnership
DEFINIITION
An Indiana Limited Liability Partnership (LLP) is a General Partnership that elects to operate as an LLP, which requires a registration to be filed with the Secretary of State. Unlike a General Partnership, the partners in an LLP enjoy protection from many of the partnership's debts and liabilities. The income of an LLP is taxed in the same manner as a General Partnership.
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