Limited Partnership for couple in business - Posted by Josephine Fu

Posted by William Bronchick on February 05, 2002 at 09:32:27:

You can do the partnership/corp combo, but I think the LLC is easier. As manager of an LLC, state law says you are not liable. Also, tax reporting is easier as H&W, since you can report the income and expenses on your personal return. The LLC still has the same liability protection, asset protection and estate planning features as a LP.

Limited Partnership for couple in business - Posted by Josephine Fu

Posted by Josephine Fu on January 31, 2002 at 12:52:51:

To set up a limited partnership with a corporation as the general partner, and ourselves individually as general partner, Can someone tell me:

  1. If we name ourselves as the officier of the corporation (general partner), does that bring us unnecessary liability?
    Or should be name someone else as the owner?

  2. If we just name one of us as the owner of the corporation, will there be a problem with ownership if he/she die? such as probate?

Thank you.