Full question:
can a LLP be created by only one partner reguiring no signatures from other partners?
- Category: Partnerships
- Subcategory: Limited
- Date:
- State: New York
Answer:
In New York State, a limited liability partnership (LLP) can be formed by a partnership without limited partners, as long as each partner is a professional authorized to provide a professional service. To register as an LLP, the partnership must file a certificate of registration with the New York State Department of State. This certificate requires only one signature from a partner.
The term "profession" includes practices such as law and medicine, among others. For a complete list of professional services, you can visit the New York State Department of Education's Office of the Professions website.
Partners in an LLP can manage the partnership without risking personal liability. The operational procedures of the LLP are defined in the Limited Liability Partnership Agreement, which must be signed by the partners who will be bound by it.
For more information, visit the New York Department of State's LLP FAQ page. The relevant statute is found in Section of the New York Partnership Law.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.