Jan
30
2018
What Is The Difference Between An LLP And An LLC?
What Is The Difference Between An LLP And An LLC?
Although they have similar names, an LLP (limited liability partnership) and an LLC (limited liability company) are different types of business structures.
The main differences include:
- An LLC can have a single member that manages the business, but an LLP must have at least two partners.
- It is easier to transfer ownership in an LLC than an LLP. In an LLC, the membership interest can simply be signed over to a new business owner. In an LLP, the transfer of a partnership interest requires more complicated documentation.
- In an LLC, a designated person can be the manager of the business. However, in an LLP, all of the partners are entitled to be involved in the management.
- LLCs and LLPs may be taxed differently. In an LLP, profit and loss are passed through to individual partners. In an LLC, this does not happen unless an IRS election has been made.
If you are not sure what business entity type is best for you, contact Adair M. Buckner, attorney, for a free initial consultation.*
*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)
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Mrs. Buckner did a full estate plan for me. Her work was excellent, her communication was great, and the price was reasonable. I would highly recommend her for your estate planning needs.
When my husband passed away, I contacted the attorney that we had used to prepare our wills but was unhappy with his attitude of indifference. I discovered Adair Buckner and all of my issues were resolved. Adair is professional, compassionate, and extremely knowledgeable. She saved me a large amount of money by processing my will in the appropriate manner to best suit my situation.
We appreciate Adair Buckner’s professional and personable service. Our legal needs were met promptly and succinctly. We would not hesitate (and do!) recommend her to our family and friends.
Adair drew up a beautiful power of attorney and Will for my father in a timely manner. I highly recommend that you use her. She’s a wonderful lady.
This was as painless as it gets to hire an attorney in Amarillo Texas. Handled all the estate needs and never had to appear in court. You won't find any better and I use Attorneys quite often in my line of work.
It was way past time to finally get our Wills completed. This was something that was extremely complicated for us, but Adair and her assistant never made us feel like we were bothering them...and we (I) bothered them...a lot! Things were explained to us in a way that we could understand easily. Extremely professional and knows her stuff!
I was meeting with a financial advisor who encouraged me to finish my Will. He offices next door to an Estate Attorney, and voila, 'one-stop shopping]! Adair and her assistant Pennye made completing my estate planning fun, easy, and pleasant. I wholeheartedly recommend Adair Buckner!!
Trying to get our LLC changed over after moving to Texas was complicated, but Adair Buckner made the process so simple! We just gave her the details, and she handled everything quickly and professionally. Thank you, Adair, for making this part of our move stress-free!
Adair is very professional. She cares about her clients and explains everything very well. She makes you feel like a friend.
Losing my Mother and being appointed as Executor of her estate was overwhelming. Adair was very professional and personable. She handled and processed the estate with ease and kindness.