Maryland recognizes both limited and general partnerships. There are two main differences between these two business forms. First, a limited liability partnership or LLP provides limited liability for all of the partners save one, meaning that one of the partners must be generally (and personally) liable for the partnership. Second, for any partners to have limited liability, the entity must file with SDAT a certificate of Limited Liability Partnership, and file the other required tax returns (and pay taxes) to maintain its status.
We have online legal documents to help with your partnership:
Give us a call to schedule time to further discuss your objectives and help complete the appropriate documents.