Results 1 to 7 of 7

Thread: LLC vs. LLP?

  1. #1
    Join Date
    Apr 2005
    Location
    San Diego, CA
    Posts
    517

    Arrow LLC vs. LLP?

    Could someone tell me the difference(s) between an LLP and an LLC?

    Thanks,
    Travis
    TWC, LLC - USA based w/ three teams behind us!
    We will beat any web development or design quote

    http://totalwebcentral.com/

  2. #2
    Join Date
    Mar 2005
    Location
    USA
    Posts
    666
    LLP = Limited Liability Partnership, LLC = Limited Liability Corporation
    Jim - 2Macs H-Sphere Web Hosting
    Since 2001 - H-Sphere Clustered Shared Linux & Windows Hosting
    Fully Managed Services| Custom Web Designs
    Unconditional, 30 Day Money back Guarantee!

  3. #3
    Join Date
    Apr 2005
    Location
    San Diego, CA
    Posts
    517
    Quote Originally Posted by Jim2Macs
    LLP = Limited Liability Partnership, LLC = Limited Liability Corporation
    Haha.

    Yeah I knew that. What I meant to ask was:

    Are they exactly the same?
    Are there liability differences?
    Is it advantageous to be an LLC over an LLP?

    I meant what are the specific differences.
    TWC, LLC - USA based w/ three teams behind us!
    We will beat any web development or design quote

    http://totalwebcentral.com/

  4. #4
    Join Date
    Jan 2004
    Location
    North Yorkshire, UK
    Posts
    4,163
    Corporations pay taxes and their staff in different ways to partnerships. As a corporation obviously your accounting records need to be much more detailed. Parnerships rely on the partners more than corporations, for example if a partner dies your company technically no longer exists ... lots of complicated small rules like that apply to both.

    I can't tell you which is best for you, it depends on many factors, you should go and see a business advisor (who will probably give you a free initial consultation anyway).

    Dan

  5. #5
    Join Date
    Jun 2001
    Location
    Denver, CO
    Posts
    3,301
    Quote Originally Posted by WHC - Travis
    Haha.

    Yeah I knew that. What I meant to ask was:

    Are they exactly the same?
    Are there liability differences?
    Is it advantageous to be an LLC over an LLP?

    I meant what are the specific differences.
    This is stuff your lawyer all should really answer because it likely varies state by state.

    However, here is a pretty good generalization of the issue: http://www.toolkit.cch.com/text/P12_4265.asp
    Jay Sudowski // Handy Networks LLC // Co-Founder & CTO
    AS30475 - Level(3), HE, Telia, XO and Cogent. Noction optimized network.
    Offering Dedicated Server and Colocation Hosting from our SSAE 16 SOC 2, Type 2 Certified Data Center.
    Current specials here. Check them out.

  6. #6
    Join Date
    Jun 2001
    Location
    Denver, CO
    Posts
    3,301
    Quote Originally Posted by WHC - Travis
    Haha.

    Yeah I knew that. What I meant to ask was:

    Are they exactly the same?
    Are there liability differences?
    Is it advantageous to be an LLC over an LLP?

    I meant what are the specific differences.
    This is stuff your lawyer all should really answer because it likely varies state by state.

    However, here is a pretty good generalization of the issue: http://www.toolkit.cch.com/text/P12_4265.asp
    Jay Sudowski // Handy Networks LLC // Co-Founder & CTO
    AS30475 - Level(3), HE, Telia, XO and Cogent. Noction optimized network.
    Offering Dedicated Server and Colocation Hosting from our SSAE 16 SOC 2, Type 2 Certified Data Center.
    Current specials here. Check them out.

  7. #7
    Join Date
    Apr 2005
    Location
    San Diego, CA
    Posts
    517
    Quote Originally Posted by Jay Suds
    This is stuff your lawyer all should really answer because it likely varies state by state.

    However, here is a pretty good generalization of the issue: http://www.toolkit.cch.com/text/P12_4265.asp
    Great, thanks.

    Only good response I've seen thus far. LLC has more taxes from what I can tell. Bottom line is, if it is just two people, it costs less to run under/as an LLP, correct?
    TWC, LLC - USA based w/ three teams behind us!
    We will beat any web development or design quote

    http://totalwebcentral.com/

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •