How a Limited Liability Company Formation is Different from a Limited Partnership
An LLC is different from a limited partnership, but both provide some degree of liability protection to the owners. In a limited partnership, a limited partner possesses limited liability unless that partner acts in control of the partnership’s actions, which is the role of a general partner. In a partnership, a general partner has unlimited personal liability for the liabilities of the partnership. In an LLC, each owner’s liability is limited, regardless of participation or control of the LLC.
Establishing a Limited Liability Organization in Maine
Starting a business is often difficult and can be costly, especially if it is not done correctly at the outset. To make well-informed decisions regarding your business, it is prudent to consult with an experienced business and corporate attorney. Rudman Winchell attorneys can explain the tax and organizational benefits of the limited liability structure and help establish your LLC, giving you the confidence to build your business and achieve your goals.