Hey everyone. I was wondering what will be in my best favor to form: an LLC or an LLP? I have just myself and a partner and we don’t plan on expanding for quite a while. I would like to know the advantages and disadvantages to each and which one if either are worth the write off, etc. Thank you everyone!
I am not an attorney, however I have several entities in which I work. From one for private lending, a few for buy/hold of properties and another for Wholesaling/Flipping.
I attended a presentation about a year ago at which Donna Fox, an attorney, spoke. She gave a very informative and detailed presentation about utilizing multiple entities to keep the tax advantages and liablity positives off all forms while all but eliminating the negatives of each entity.
You can get the audio to that presentation, I believe called PREMES, at this location: http://www.wcrt.org/?Link=education
The ideas made complete sense, and I think it is a worthy item to have.
Hope that helps!