Business Formation

Difference between LLC and LLP (part 1 of 3)

Those starting a business often wonder what the difference is between an LLC and an LLP. In Wisconsin it can be a lot different. The first major difference is that one is a Corporation, the other is a partnership. This may seem obvious, but it can have very severe tax differences and liability differences.

There will be a three part series highlighting the difference between a Wisconsin LLC and a Wisconsin LLP. First, how is each formed, Second, What are the liability differences between each, and Third, what are the tax differences between each entity.

How to Form an LLC-

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