Limited liability partnerships LLPs)allow the partnership to pass through income for tax purposes.

Name: Limited liability partnerships LLPs)allow the partnership to pass through income for tax purposes.
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Question

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LLPs are considered pass-through entities and do not pay income tax on their profits. Instead, the profits are allocated to individual partners who are responsible for paying their share of taxes on their individual tax returns.

Limited Liability Partnerships LLPs)allow the Partnership to Pass Through Income