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Updated over 4 years ago,
LLP or LLC in Pennsylvania?
Hi, BP, it's my first time posting but I'm hoping to get input from anyone investing in the Pittsburgh area (or PA as a whole).
My husband and I are just starting out and we're trying to decide on the best entity/structure. We've been doing consultation calls with local lawyers and almost all suggested creating a "parent" LLC, and then creating "sub" LLC's for each property my husband and I purchase. But one suggested creating an LLP as the "holding company" instead, (with me and hubs as a single limited partner, and an LLC we create as a 1% general partner).
I'm wondering if anyone in PA is familiar with a structure like the LLP suggestion, and what might be the pros/cons of going that route? Specifically, I'm wondering about taxes. Thanks for any insight!