Partnerships, LLCs and LLPs in Maryland:

Organization and Operation

 

June 2, 2005

 

Outline for Part One

Daniel S. Willard, Esq.

Daniel S. Willard, P.C.


 

 

I.                  Overview of  Choices of Entity

 

A.    Comparison of LLCs, LLPs, LPs  and Partnerships

 

I.                   FACTOR: LIMITATION ON LIABILITY

 

II.                FACTOR: PERPETUAL EXISTENCE (CONTINUITY)

 

III.             FACTOR: NUMBER OF OWNERS  

            (MEMBERS, SHAREHOLDERS, PARTNERS)

 

IV.             FACTOR: TYPES OF OWNERS

 

V.                FACTOR: FIDUCIARY DUTIES

 

VI.             FACTOR: FREE TRANSFERABILITY OF INTERESTS

 

VII.          FACTOR: NAME USED

 

VIII.        FACTOR: RESIDENT AGENT

 

IX.              FACTOR: CREATION OF DIFFERENT CLASSES OF OWNERSHIP

 

X.                 FACTOR :  FEES

 

XI.        OTHER ATTRIBUTES OF LLCS, LLPS, LPS, AND GPS


[ARTICLE TRUNCATED DUE TO SPACE LIMITATIONS]

 

 Statutory material presented in this outline is believed to be current as of January 1, 2001 but is intended only to be illustrative of concepts to be discussed. Citations are only a starting point for research by a competent legal professional who must research the original sources of authority. Certain statutory material will be changed by anticipated upcoming legislation and some statutory material may have changed before this material goes to press. In publishing this material, neither the author nor the publisher is engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the reader or seminar participant should seek the advice of a competent legal professional.

 

 A NOTE ON Copyright ©: The copyright owner of this section, Daniel S. Willard, P.C., makes no claim to copyright to statutes, laws, rules or regulations of any state or federal government or agency.