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LLC v. LLP
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Date: July 29th, 2012 8:12 PM Author: effete hyperactive selfie 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: marvelous magenta weed whacker 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: jet-lagged heaven wrinkle (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: Concupiscible Tattoo Famous Landscape Painting (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: claret rehab 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: effete hyperactive selfie 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: Idiotic Supple Space Friendly Grandma 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: claret rehab 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: effete hyperactive selfie 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: Idiotic Supple Space Friendly Grandma 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: razzle-dazzle sapphire lodge cuckold 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: effete hyperactive selfie 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: razzle-dazzle sapphire lodge cuckold 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: Idiotic Supple Space Friendly Grandma 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: razzle-dazzle sapphire lodge cuckold 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: mint idiot community account 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: effete hyperactive selfie 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: Idiotic Supple Space Friendly Grandma 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: Indecent Lettuce Nursing Home 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: Idiotic Supple Space Friendly Grandma 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: effete hyperactive selfie 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: Indecent Lettuce Nursing Home 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: slate theatre patrolman 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: effete hyperactive selfie 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: Concupiscible Tattoo Famous Landscape Painting 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: Motley garnet windowlicker 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: effete hyperactive selfie 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: pungent self-centered tanning salon ladyboy (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: dashing avocado stage therapy 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: Pearly son of senegal 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: lemon erotic old irish cottage 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) |