Discussion 2

“Limited Liability Partnerships” Please respond to the following:

As discussed in the text, large accounting firms and other professional firms operate as limited liability partnerships (LLPs). Contrast the LLP form of business under state laws to the LLP for tax purposes.

• Suggest the major reasons why a new entity would choose a LLP over a traditional partnership for tax purposes.
• Suggest the major reasons why a new entity would choose a LLP over a traditional partnership for tax purposes.

ACC565 Week 6 Discussion 1