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With only half of the states in the United States recognize LLP’s, the partnerships must determine if the state they reside in will allow them to form an LLP (Coollawyer, 2007). Also, in a limited liability corporation, the owners can only lose what they have invested, where in a limited liability partnership; the owners could lose everything they invested and more...
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An LLC can also get financing easier than an LLP can, because of the fact that they are a corporation.
In a corporation, it is usually the Board of Directors or the governing bodies that decide if specific corporate assets can and should be sold, however, in an LLP it is the co-owners that must make these decisions...
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