LLC or Partnership?

[Humberto Quiroz]

My brother and I are close to finish our first rehab here in Texas, I am buying the house from a good friend, so we are still making payments, he agreed to help us and to put the house under our name when it is ready to sell. Now that we are weeks from finishing and before we have the house under our name we want to do it under a company name to protect our assets.

We want to know what business structure is best for us. Is it better to do an LLC under one of us or a partnership with both of us in it? What gives us more liability and tax relief and what else should we take in consideration?

Thank you for reading.