Partnerships, LLP, & LP

General Partnerships

A general partnership is an oral, written, or implied agreement between two or more people to carry on as co-owners in a business for profit, under 11 V.S.A. § 3212. Find out more about:

Limited Liability Partnerships (LLP)

A limited liability partnership (LLP) is a partnership that voluntarily registers with the Corporations Division under 11 V.S.A. Ch.22 SubCh.10-11. The law specifically allows any partnership to register as an LLP. The primary reason for a partnership to register as an LLP is that the partners in an LLP will not have individual or personal liability for a partnership’s debts. By having this liability shield, the partner is placed in a similar position to that of a stockholder in a corporation, or that of a member of an LLC. Find out more about:

Limited Partnerships (LP)

A limited partnership is a partnership formed by two or more persons under 11 V.S.A. Ch.23, and having one or more general partners and one or more limited partners. Find out more about:

This page was last updated: 2014-12-11