California LLP San Diego
California LLP San Diego Summary
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• Equal right of control in the California LLP;
• Lack of financial liability between partners of the California LLP;
• Simplified governance of business formalities in the California LLP.
A California LLP may only have certain, licensed professionals as partners (e.g. attorneys, accountants, and architects) who are permitted to perform services as a California limited liability partnership. Not all licensed professions may operate in the California LLP form as a California limited liability partnership.
Formation of a California LLP by San Diego Corporate Law includes an attorney-drafted limited liability partnership agreement, drafting and filing of an Application to Register a Limited Liability Partnership with the California Secretary of State, and a federal EIN application.
CA Bar Certification:
California LLP San Diego Details
A California limited liability partnership is essentially a general partnership that provides limited liability to the general partners. A California limited liability partnership is required by law to provide insurance, have a security deposit with a financial institution, or have sufficient net worth to provide for claims against the LLP.
A California LLP may only have certain, licensed professionals as partners (e.g. attorneys, accountants, and architects) who are permitted to perform services as a limited liability partnership.
A California LLP is formed by filing an executed Application to Register a Limited Liability Partnership with the California Secretary of State. California Corporations Code § 16953(a)-(c). The filing fee for an Application to Register a Limited Liability Partnership is $70.00. California Government Code § 12189(a).
A California limited liability partnership must provide security for claims against it using either insurance, a deposit with a financial institution, or the meeting of statutory net worth requirements. California Corporations Code § 16956.
Every California LLP that provides legal services is required to register with the State Bar of California.
A partner of a California limited liability partnership is not personally liable for the debts and/or obligations of the LLP.
A partner of a California limited liability partnership is not responsible for the tortious conduct of other partners unless: (1) the LLP is not properly registered as an LLP; (2) the LLP is a legal services LLP not registered with the State Bar of California; or (3) the security requirements are not met. A partner may not limit the liability of his or her own tortious conduct with a California LLP. California Corporations Code § 16306(c)-(e).
The names of partners in a California LLP are public record.
A California LLP is managed by its partners.
Partners of a California limited liability partnership capitalize the business with the personal contributions from the partners and/or borrowed capital.
No securities issues exist in a California limited liability partnership.
A California limited liability partnership is taxed as a general partnership by default.
The transfer of an interest in a California limited liability partnership may be made only to a licensed professional transferee of the same type as the transferor (e.g. attorney to attorney, accountant to accountant, architect to architect, etc.).
A California limited liability partnership continues to exist until a notice of cessation is filed with the Secretary of State or until the LLP has been dissolved and wound up. California Corporations Code §§ 16953(e), 16954(b).
The organization of a California Limited Liability Partnership for $1,820.00 assumes a single class of partnership and acceptance by all proposed partners of the first draft of the limited partnership agreement. Negotiated amendments to the partnership agreement available at hourly rates.