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General Partnership

General Partnership (GP)

Idaho General Partnership Summary

Idaho General Partnership Summary

An Idaho general partnership is a type of business organization in which two or more partners are co-owners of a business. A partnership is much like having two sole proprietors coming together under one name to operate. A general partnership requires an EIN (federal identification number) to be used in the place of the owners’ social security numbers.

The Idaho partners will be taxed for business income as individuals, as it is a pass-through to each person’s own social security number and tax return. In addition, an operations agreement with ownership details will stave off future issues and legal disputes between partners. The operating agreement paired with the EIN will also allow the GP to open up a business checking and savings account.

GP Facts:

  • Individuals pay their own income tax at their own tax rate
  • Flexible management style
  • No required minutes and meetings
  • There is only limited liability protection with an LLP (limited liability partnership)

Limited Partnership (LP)

Idaho Limited Partnership Summary

Idaho Limited Partnership Summary

An Idaho Limited Partnership has at least one owner who is a “General” partner. This general partner makes business decisions and takes full responsibility for all business debts. The “Limited” partner invest money and has minimal control over the daily operations but is not held liable for business debts.

Limited Liability Limited Partnership (LLLP)

Idaho Limited Liability Limited Partnership Summary

Idaho Limited Liability Limited Partnership Summary

To grasp the importance of the new LLLP you must first understand the problem that it solves.

The Problem
We must first begin with describing the limited partnership (LP). The LP is a type of partnership that has one or more general partners, and one or more limited partners.

• The general partners manage the LP, while the limited partners are only involved financially and are excluded from management.

• A major disadvantage is those general partners are severally liable for the partnership’s obligations, although limited partners are protected.

In the past, many Idaho businesses created an LLC or corporation to serve as the general partner to eliminate their individual and unlimited risk.

Problem Solved
Thus, the creation of a limited liability limited partnership (LLLP) eliminates the need for this strategy.

What is an LLLP?
An LLLP is a type of limited partnership, however, unlike in an LP, LLLP general partners’ liability for LLLP debts or obligations is limited.

Benefits
• An LLLP can do anything that a regular LP can do.
• General partners have limited liability, and partners are protected from liability if the partnership is sued.
• The need to use a limited liability entity for the general partner is eliminated.

Limited Liability Partnership (LLP)

Idaho Limited Liability Partnership Summary

Idaho Limited Liability Partnership Summary

All partners in an LLP have limited liability, from errors, omissions, negligence, incompetence, or malpractice committed by other partners or by employees. In an LLP, partners have the same general management responsibilities. Many owners form LLP because they have more protection from being involved in a malpractice suit against another partner.

Partnership Packages

 

Partnership Basic

GP, LP, LLP, LLLP

Statement of Authority/Qualification/Organization

Federal Tax ID Number (EIN)

Self-Customizable Operating Agreement & Forms

Electronic Documents by Email

All Filing Fees Included

Shipping Fees of Documents Included

Partnership Deluxe

GP, LP, LLP, LLLP

Statement of Authority/Qualification/Organization

Federal Tax ID Number (EIN)

Self-Customizable Operating Agreement & Forms

Certificate of Existence

One Assumed Business Name "DBA"

199A 20% Business Income Tax Deduction Book

Expedited Electronic Documents by Email

All Filing Fees Included

Expedited Filing Services

High Quality Linen/Cotton Documents

Shipping Fees of Documents Included

Comparison Chart

Compare Business Entity Facts

Professional Idaho Business Formations by Tax Law Accountants

Idaho LLC

Limited Liability Companies & Professional Limited Liability Companies

Idaho Partnership

General Partnerships, Limited Partnerships, LLP's & LLLP's

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Customer Reviews and Testimonials