Updated about 11 years ago on . Most recent reply
LLP or Separate LLC
Hi All,
I have a partner/investor in CA. I flip single family homes in OH. Hoping to do at least 4-6 per year (I have full time job but we've done one already!)
I do all the leg work (market research, loans, realtors, meeting with sellers, doing deals) and my partner is the cash and we discuss everything weekly so he is involved in the decisions.
Our question is what is the best protection for us individually and as an entity LLP or LLC?
Is there special insurance you can get with LLP that is not available as an LLC (we heard this)?
What is the easiest to administer/sign docs, etc... (since we are miles apart and we dont want hassle of back and forth)?
Which is the easiest to dissolve once the partnership has fulfilled its use?
Any other comments are greatly appreciated!