Limited Liability Partnerships

Redemption

An LLP that pays all taxes within 60 days after a proclamation announcing the forfeiture will have its rights to do business in Maryland and the right to the use of its name reinstated as of the date of the forfeiture

Liabilities

Partners in an LLP are not liable for any debts or liabilities of the LLP solely by reason of being a partner or otherwise participating in the LLP. However, a partner in a LLP remains liable for debts and obligations of the partnership arising from any negligent or wrongful act or omission.

Rights, Duties, and Obligations of Partners

Partners in an LLP have the same fiduciary duties as partners in a general partnership.

An LLP must have

a. a principal office in Maryland b. a least one resident agent who is: (1) a citizen of Maryland who resides in Maryland, (2) a Maryland corporation; or (3) a Maryland limited liability company

Formation

in order to become a limited liability partnership, a general partnership must file with the State. The name of a registers limited liability partnership must contain the words "limited liability partnership" "L.L.P" or "LLP"