On 26 May 2016, the Canadian Revenue Agency (CRA) announced that it has taken the position that limited liability partnerships (LLP) and limited liability limited partnerships (LLLP) organized under the laws of the U.S. states of Delaware and Florida will be treated as corporations for tax purposes. The reasoning for the treatment as corporations is based on the separate legal personality and extensive limited liability of the two forms. However, CRA will be willing to treat existing LLPs and…