Limited Liability Partnership

A registered limited liability partnership is a general partnership that has been registered with the Texas Secretary of State. A partner’s liability in a registered limited liability partnership differs from that of an ordinary partnership. In a registered limited liability partnership, a partner is not individually liable, under some circumstances, for debts and obligations of the partnership arising from errors, omissions, negligence, incompetence, or malfeasance committed in the course of business by others in the partnership, while the partnership is a limited liability partnership.

The registration of a partnership as a limited liability partnership is effective until the first anniversary of the date of registration or the later effective date specified in the application, unless the application is withdrawn or revoked at an earlier time or renewed before expiration. As mentioned previously, registration of a Limited Liability Partnership with the Texas Secretary of State’s Office is necessary. Limited Liability Partnerships are subject to state franchise tax.

The filing fee for a certificate of formation for a limited liability partnership is $200 per general partner.