Legal Question in Business Law in New York

Help: request for info: law on partnerships in us

1. I have read about the features and advantages of LLP and LLLP over LP/GP). Also, the features and advantages of LLC over LP, GP, LLP, LLLP. I would like to know the advantages in general of LP (and also GP) over LLP/LLLP. In what situation (if any) would it be more suitable to establish an LP (or a GP) than an LLLP/LLP/LLC? Likewise, under what circumstances (if any) would it be more suitable to establish an LLLP/LLP instead of LLC?

2. I understand that LLLP must have at least 1 general partner (with limited liability) and 1 limited partner. Apart from it, what are the advantages and disadvantages of LLLP over LLP?

3. I understand that LLC (and also LLP/LLLP) are all UN-incorporated businesses with limited liability. My understanding is that ''incorporation'' refers mainly to limited liability and independent entity separated from the promoters/members. I would like to know what the significance of incorporation now is. Apart from the taxation, continuity of life, free transferability of interests, centralized management, resolution and filling requirements, are there practical features/distinctions between corporations and unincorporated entities with limited liability?


Asked on 12/07/01, 7:53 am

1 Answer from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Help: request for info: law on partnerships in us

The questions that you ask are very valid ... but the first place that your inquiry must begin is with your account. Insurance can cover most liability aspects...what you need to determine is the entity that is appropriate for your financial needs.

Please excuse the lack of a better response.

Good Luck

RRG

Read more
Answered on 12/07/01, 6:17 pm


Related Questions & Answers

More Business Law questions and answers in New York