Oregon Limited Liability Company vs. Oregon Limited Liability Partnership
An Oregon Limited Liability Partnership (LLP) is a legal entity in which one or more partners control the business and are liable for the debts (the general partners) and others aren’t (the limited partners).
Oregon Limited Liability Partnerships are complex entities for a number of reasons. The general partner of the LLP may be a separate legal entity.
Since the Oregon LLPs are relatively rare and more expensive than the other entities to establish an maintain, there needs to be a compelling reason to establish this type of entity. Traditionally, an Oregon LLP was favored because globally it was more widely recognized than the newer Oregon LLC form of legal entity. However, the LLC has many of the advantages of the former LLP and it is typically the preferred form of business.
Contact our law firm by CFLink or call Andrew Svitek Portland, Oregon Business Lawyer at (503) 274-9001, or Kelly O’Brien, Bend, Oregon Business Lawyer at (541) 330-9850.