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LLC v. LLP
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Date: July 29th, 2012 8:12 PM Author: Cheese-eating Spot Question for those corporate lawyers in the house.
If someone wanted to form an investment vehicle with a friend or family member solely for the purpose of acquiring assets (be it real estate, equities, etc.) what would make more sense, an LLC or LLP, and why?
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Date: July 29th, 2012 8:18 PM Author: Violent Lettuce Mexican pay my rates or fuck my ass, nigger (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209092) |
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Date: July 29th, 2012 8:18 PM Author: at-the-ready mental disorder school (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209093) |
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Date: July 29th, 2012 9:49 PM Author: Comical Kitty Cat Stag Film (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209961) |
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Date: July 29th, 2012 8:22 PM Author: opaque half-breed LLC might be credited if your role would be more than passive. If you buy an apartment building and do some of the legwork, etc.
IANAL |
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Date: July 29th, 2012 8:32 PM Author: Cheese-eating Spot What about an LLC would make it better than an LLP for a less passive role? (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209199) |
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Date: July 29th, 2012 8:33 PM Author: flesh glittery brethren are those assets going to generate income? (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209214) |
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Date: July 29th, 2012 8:42 PM Author: opaque half-breed LLC gives you some measure of liability protection. Might be nice if you could conceivably be sued, kinda worthless if you're just holding an interest. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209311) |
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Date: July 29th, 2012 8:45 PM Author: Cheese-eating Spot LLP has this same feature. I'm still trying to figure out the advantages/disadvantages between one or the other. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209350) |
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Date: July 29th, 2012 8:55 PM Author: flesh glittery brethren they're both the same bro. they use the same tax form, can both elect S-corp status, and give you liability protection. i think LLC is slightly simpler and has lower audit risk. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209456) |
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Date: July 29th, 2012 9:29 PM Author: Bespoke light scourge upon the earth liquid oxygen lol at an llc or llp electing s corp status (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209764) |
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Date: July 29th, 2012 9:32 PM Author: Cheese-eating Spot that isnt uncommon, even i know that much (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209786) |
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Date: July 29th, 2012 9:34 PM Author: Bespoke light scourge upon the earth liquid oxygen it's bizarre (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209796) |
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Date: July 29th, 2012 9:50 PM Author: flesh glittery brethren what? (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209970) |
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Date: July 29th, 2012 9:53 PM Author: Bespoke light scourge upon the earth liquid oxygen i'm just trying to start a 200 post fight to compete with blue smoke :( (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21210006) |
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Date: July 29th, 2012 8:32 PM Author: Ungodly theater stage Just form an LLC. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209213) |
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Date: July 29th, 2012 8:41 PM Author: Cheese-eating Spot Why? (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209296) |
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Date: July 29th, 2012 8:48 PM Author: flesh glittery brethren lower audit risk, simpler. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209389) |
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Date: July 29th, 2012 8:47 PM Author: bonkers deep space milk just form a c corp and pay out all investment proceeds as salary. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209369) |
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Date: July 29th, 2012 8:48 PM Author: flesh glittery brethren why would you do that? (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209375) |
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Date: July 29th, 2012 8:48 PM Author: Cheese-eating Spot LLPs and LLCs are both pass-through entities that provide this same function while simultaneously limiting liability in a way that a C corp does not. This is terrible advice. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209401) |
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Date: July 29th, 2012 8:52 PM Author: bonkers deep space milk gotta cop dat corporate veil nigga (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209437) |
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Date: July 29th, 2012 9:24 PM Author: Walnut mind-boggling knife locale sounds like u need a reit (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209711) |
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Date: July 29th, 2012 9:27 PM Author: Cheese-eating Spot 70% of it is going to be options trading. Real estate is just an afterthought. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209745) |
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Date: July 29th, 2012 9:50 PM Author: Comical Kitty Cat Stag Film LLC and LLP are basically functional equivalents except there's much less fucking obnoxious paperwork with an LLC. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21209974) |
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Date: July 29th, 2012 9:55 PM Author: aggressive filthy hell lol at this board. 30 poasts in and not 1 substantive answer. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21210029) |
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Date: July 29th, 2012 10:13 PM Author: Cheese-eating Spot Seriously- this is a Fing joke. No wonder none of these people have jobs. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21210219) |
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Date: July 30th, 2012 12:33 PM Author: Stubborn self-centered macaca (Guy who doesn't give substantive answers) (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21213965) |
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Date: July 30th, 2012 12:57 PM Author: claret telephone box office Um, the answers given here are wholly sufficient. (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21214138) |
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Date: July 30th, 2012 1:04 PM Author: supple chocolate digit ratio step-uncle's house depends on how your state's entity and tax laws are set up.
some states impose taxes on an LLC's gross income which make the structure less efficient. however the upside of an LLC is limited liability for everybody, including the manager.
in an LLP there might not be limited liability for the GP. also LLPs are not recognized by every state and some reserve it for professional associations only.
might think about a simple limited partnership. Delaware LPs are the most common investment entities, but the GP has unlimited liability. you can set up a DE LLC to be the GP to shield yourself, but that's another entity you have to pay fees for annually. |
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Date: July 30th, 2012 1:12 PM Author: Arousing sneaky criminal If you were investing with one other person, why THE FUCK would you set up an LP with your single-member LLC as the GP? (http://www.autoadmit.com/thread.php?thread_id=2008709&forum_id=2#21214280) |