Posted by John J. on March 08, 2001 at 21:12:03:
An LLC is better than a partnership from a legal perspective, but works the same from a tax perspective. It is probably simpler to do than to set up a corporation. I have partnerships and LLCs for all the properties that I own with others.
More importantly, get a written agreement with your partners, covering all the aspects of your arrangement. I can send you - or anyone else who emails me - a copy of one of my partnership agreements.