LLC vs LLP vs Nothing vs....

[Dion Watts]

My sister and I just bought our first rental property together in Providence, RI! As we started going through the closing process a month ago, we began asking ourselves, "do we need to form an LLC?" The main concern is the protection of my sister's other business/assists if tragedy arises. After a little research we also discovered the option for a LLP ( Limited Liability Partnership). On paper they both seem very similar and really don't really have any tax benefits (please correct me if I am wrong on this) but we want to make sure we are protected in this investment.

Does anyone have any experience in this area and can offer some advice to some new real estate investors!