Boston, Entity, LLC or Limited Partnership

[Chan K.]

Hi BPers,

I am in the process of buying a property with a friend. I would like to get a recommendation of which entity to form. We are a 50/50 partnership for both cash flow, equity gain, decision, .... etc.

I am debating between an LLC or Limited Partnership. Which one is the best for us?

Is there any other recommendation on another entity?

Thanks,