Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 1 | Summary - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
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253

Pages:

1
Author:

bratrochanter

 Why the Limited Liability Company (LLC) is Ideal for the Self-Service Business Venture:  The LLC structure offers flexibility and limited liability, making it an attractive option for your self-service business venture. Since you anticipate initial losses, an LLC can provide the flexibility of pass-through taxation, which will allow you to deduct business losses on your personal tax return, potentially offsetting other income. This structure also protects personal assets, as liabilities are limited to the assets invested in the business. Additionally, the LLC allows for straightforward management delegation, enabling you to hire an experienced operator as a manager without granting them ownership if desired. If you choose to incentivize this manager, the LLC structure permits flexible arrangements for profit-sharing or partial ownership without affecting your control over the business.  Why a Limited Liability Limited Partnership (LLLP) is Ideal for FamilyOwned Commercial Development:  For the family-owned commercial development, a Limited Liability Limited Partnership (LLLP) is beneficial because it combines limited liability for all partners with a clear hierarchy in management. The LLLP allows you to retain full control as the general partner, responsible for decision-making and daily operations, while limiting the liability of passive family members who would be limited partners. Since real estate projects often require substantial capital and involve liabilities, an LLLP structure ensures that family members’ personal assets are protected from the partnership’s debts. This structure also aligns with the goal of providing steady, long-term income to family members by allowing flexible income distribution without involving them in management.

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Part 9- Partnerships, Chapter 40: Limited Liability Companies, Limited Partnerships, and Limited Liability Limited Partnerships, Doc 1

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