The minimum coverage in $100,000 multiplied by the number of partners in the LLP, with a cap at $3 million.Annual Report
LLPs must file annual reports with the Florida Secretary of State. The report is a document that contains basic information about the company. The Florida Division of Corporations oversees the formation of LLPs in the nation.
Name Rules
LLPs in Florida must adhere to particular naming requirements. The agnomen of the convention must heel with the contents "Regional Liability Corporation" or "Registered Resident Liability Firm." The text may extremely be abbreviated as "L.L.P.," "LLP," "R.L.L.P." or "RLLP".
Registration
LLP must register with the control by filing a "Statement of Qualification" with the Division of Corporations. The appearance can be downloaded from the control's website. It includes basic details approximately the LLP, including contact clue and the compellation and label of the society's agent for servicing of method. As of 2011, the filing payment for an LLP is $25. Whether an LLP needs to spending money any clue on the statement of qualification, it must list an amendment for a emolument of $25.
Licensing and Regulatory Agencies
LLPs that arrange able services must adhere to the rules of management regulatory agencies, and are subject to the same rules as individuals licensed to practice in the profession. Individual partners providing services must be licensed. The partnership must also provide the state regulatory agency with a copy of its LLP registration.
Insurance
Per Florida regulations, LLPs must carry liability insurance for actions that are not covered by its limited liability status. This includes malpractice, negligence, wrongful acts, errors and other actions that may result in civil suits.Regional liability partnerships, or LLPs, became legal event entities in Florida in 1995 with the words of the Florida Revised Uniform Union Deed, or FRUPA. In an LLP, two or extended owners fist profits and government responsibilities. The partners enjoy no personal liability for trustworthy obligations and debts of the association.
It must be filed between January 1 and May 1 every year after the LLP registers with the state. The state offers an e-filing service for online filing of annual reports.
Mergers and Conversions
Partnerships may merge with each other by filing a Certificate of Merger with the state. Other types of business entities can convert to LLPs by filing a Certificate of Conversion with the state. The state recommends that LLPs consult with lawyers when filing documents for mergers and conversions.
