You will learn how to select the right entity for your specific use follow the rules to keep your assets protected creatively plan the future for your and your family easily manage and operate an llc or limited partnership strategically use entities to hold real estate and other assets. A limited liability partnership is a business structure that is essentially a general partnership with one key difference unlike a general partnership where individual partners are completely liable for the formations debts and obligations a limited liability partnership will provide individual partners protection against personal liability and distinct partnership liabilities. Tax benefits protection of assets and liability protection for the limited partners are just a few of the advantages found within the framework of a limited partnership when a limited partner is sued the assets inside of the limited partnership are protected from seizure additionally it is easier to attract investors for a business . The limited liability partnership llp is a special type of partnership that provides personal liability protection to all the partners it should not be confused with limited partnerships or limited liability companies which are different types of business structures llps formed under state law. A limited liability limited partnership or lllp is a fairly new legal entity that is hybrid of other forms of incorporation and has some benefits and drawbacks whether it is right for your investment purposes will be a decision that you and your legal and tax advisors will have to make based upon the relevant circumstances in your life
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