Is an LLP a corporation

Answer 1

An LLP is a professional corporation, able to act as a person in law, to sue and be sued as a corporation provided it has fulfilled the registration requirements binding on all corporations. It is certainly a particular form of corporation in that the liability of the individual partners is different than the liability of stock holders, otherwise LLP and LLC s are virtually identical. An LLP, for instance, must be an company for profit. Naturally since it is a professional association of lawyers, lawyers seek to exempt this form of corporation from the laws governing corporations. Not surprisingly, courts, made up overwhelmingly of people with law degrees, wink at many of these special claims, privileges and exemptions but there is no sound case law to support any of these. If anyone knows of a bona fide exemption or special privilege applicable to LLP s (other than that governing residual obligations of partners), he or she should add to this entry.