LLC vs Partnership: Limited Partnership, General Partnership, Limited Liability Partnership.

You're starting a business – a huge endeavor, and you need a little operational knowledge. When deciding the best business structure for your business that you're starting with someone else, you may wonder if you should form a partnership, a limited liability company, a limited partnership, or a limited liability partnership. Well, we have all the details to make the right decision for your business.
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00:00 Introduction
00:36 What's a partnership?
01:02 Multi-Member LLC
01:15 Limited Liability Partnership
01:27 Limited Partnership
01:48 General Partnership
02:10 Difference between a GP and an LP
02:36 Difference between an LP and an LLP
03:12 Partnership or LLC
03:53 Operational requirements for partnerships and LLCs
04:23 Partnerships and LLCs taxes

GPs are easy to form, but they don't offer the liability protection that an LLC would. LPs and LLPs can provide liability protection to some partners but are not available in every state for every business type.
If you want to learn more, we have how - to guides for starting and running your own company on our website ww.SimplifyLLC.com.
#llcvspartnership #llc #simplifyLLC

SimplifyLLC is an independent publication that provides free guides for small business owners.
If you’re looking for business ideas and do-it-yourself guides on forming and operating an LLC, then SimplifyLLC is your go-to resource for simple, legal jargon-free information.