Here's your comprehensive, step-by-step guide to forming and operating an LLP. Edited by tax and legal authority Robert W. Wood and written by contributing authors who are experts in their fields, this invaluable guide explores the advantages of a limited liability partnership, types of firms that qualify, the limits of 'limited liability', and Check-the-Box classification regulation. At your fingertips, you'll have information on state tax assessment and selected state statutes, insurance minimums, and tax accounting methods. There are even details on special considerations for accounting and law firms, record keeping and reporting requirements, filing fees, and more. Helpful checklists guide you through every step.