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Limited Liability Company

A Limited Liability Company combines the advantages of a corporation with the advantages of the partnership. Hence, we form a shell (few assets) to be the General Partner of the partnership. It's the very lack of assets that leaves a creditor with nothing to attack. Yet you as the Managing Member of the Limited Liability Company control the partnership actions. Further, because of language that is contained in the statutes for LLCs, the Managing Member of an LLC can only be held accountable for the actions of the LLC if malfeasance is involved.

Advantages of a Limited Liability Company
  1. Any one or entity can be a member,
  2. No US citizenship or resident requirement,
  3. Can be tax transparent - profits or losses pass to the members,
  4. No limitations on distribution of profits,
  5. The Charging Order - In all but the following states the charging order is the sole remedy of a creditor: California, Kansas, Nebraska, North Dakota, Pennsylvania and Wyoming and even in those states the Charging Order is respected.

Now the questions become if the LLC is the General Partner of the Limited Partnership who or what is the Limited Partner of the partnership and who or what owns the LLC membership interest other than the 1% owned by you as an individual? Our recommendation is a trust.

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