An LLP does pay taxes as a corporation and its income is not passed through to the limited partners.

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An LLP (Limited Liability Partnership) is a type of partnership where the partners have limited liability for the actions of the other partners in the business. Unlike a corporation, an LLP does not pay taxes as a separate entity. The income of the LLP is passed through to the partners and taxes are paid on their individual tax returns. Therefore, the income of an LLP is not taxed as a corporation and it is passed through to the partners.

An LLP Does Pay Taxes as a Corporation and Its