The formation of an LLP involves several steps, including:
1. Choosing a Name: The business name must be unique and comply with local regulations. 2. Filing Documents: Partners need to file the necessary formation documents (such as Articles of Organization) with the relevant state or country authority. 3. Creating a Partnership Agreement: An LLP agreement outlines the roles, responsibilities, and profit-sharing arrangements among partners. 4. Obtaining Licenses: Depending on the business type, partners may need to obtain specific licenses or permits. 5. Registering for Taxes: An LLP must register for applicable taxes, such as an Employer Identification Number (EIN) in the United States.