Statement of Qualification to Be a Limited Liability Partnership, a.r.s. 29-1101 - Arizona

Statement of Qualification to Be a Limited Liability Partnership, a.r.s. 29-1101 is a legal document that was released by the Arizona Secretary of State - a government authority operating within Arizona.

FAQ

Q: What is a Limited Liability Partnership (LLP)?A: A Limited Liability Partnership is a type of business structure that offers the limited liability protection of a corporation and the flexibility of a partnership.

Q: How do I qualify to be a Limited Liability Partnership (LLP) in Arizona?A: To qualify as a Limited Liability Partnership in Arizona, you need to file a Statement of Qualification with the Arizona Secretary of State.

Q: What information do I need to include in the Statement of Qualification?A: The Statement of Qualification should include the name of the LLP, the street address of the principal office, the names and addresses of all partners, and a statement that the LLP elects to be a limited liability partnership.

Q: What are the advantages of forming a Limited Liability Partnership?A: The main advantage of forming a Limited Liability Partnership is the limited liability protection it offers. This means that the partners are not personally liable for the debts and obligations of the LLP.

Q: Can professionals, such as lawyers or accountants, form a Limited Liability Partnership?A: Yes, professionals such as lawyers or accountants can form a Limited Liability Partnership. In fact, LLPs are often used by professionals who want to share the liability protection while maintaining the flexibility of a partnership.