A
Limited Liability Company
offers absolute limited
liability to members
while in a partnership,
one partner, the general
partner, has liability
exposure. No Limited
Liability Company member
has personal liability
In
allocating non-recourse
debt, Limited Liability
Companies provide an
advantage over Limited
Partnerships
Members
of a Limited Liability
Company are able to
participate in management
without risking limited
liability status. A
limited partner may
lose his limited liability
status should he become
involved in day-to-day
management
A
member of a Limited
Liability Company may
be exempt from self-employment
taxes on distributions
if he does not participate
in management and if
the entity could have
been formed as a Limited
Partnership
If
you would like more
information regarding
asset protection, trusts,
family limited partnerships
or the subject of this
article please call
or email our office.
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