My question is I have properties for my personal Residential and one for rent, and I got married a few months ago and I want to make a fllc to benefit my children since those properties are not within the marriage, how can I do it and what do you recommend?
Hi Yaleryn, thanks for reaching out to us about your question. Here's an article with info on FLLCs: www.oflaherty-law.com/learn-about-law/can-a-family-limited-partnership-be-an-llc-should-i-have-an-llc-or-flp. If you would like to discuss your specific FLLC questions with an attorney, please give us a call at (630)-324-6666.
Why can’t a multi-member manager managed LLC taxed as a partnership do everything a Limited Partnership can without requiring the additional LLC to serve as General Partner? LLCs have much flexibility for creating different classes of ownership for distributions and voting rights, so I don’t understand the rationale of the Limited Partnership for any reason other than the fact they’ve been around longer than LLCs. Is there something obvious, or perhaps not so obvious, that I’m missing?
Hi Robert! Thanks for reaching out with your question! What you're asking may be specific to your case, and we're unable to answer direct legal questions online. However, you can reach out to us at 630-324-6666 or email at info@oflaherty-law.com.
@@Learn-about-law Not specific to anything, especially since I have no case, just simple and a desire to understand in detail. As far as I can tell, the only reasons to use an LP are because it’s been around longer and more people understand how it works, and the bifurcation if ownership and control is easy to see, i.e. General Partner(s) and Limited Partner(s). But if the same can be accomplished with a properly drafted LLC Operating Agreement, with no need for a second entity to provide liability protection for General Partner(s), it seems that would be preferable, unless I’m missing something. Thanks for responding. So, am I missing something?
Very valuable information here. I’m currently researching this topic and trying to understand it all. This video helps a lot. Thanks for sharing!
Glad it was helpful!
My question is I have properties for my personal Residential and one for rent, and I got married a few months ago and I want to make a fllc to benefit my children since those properties are not within the marriage, how can I do it and what do you recommend?
Hi Yaleryn, thanks for reaching out to us about your question. Here's an article with info on FLLCs: www.oflaherty-law.com/learn-about-law/can-a-family-limited-partnership-be-an-llc-should-i-have-an-llc-or-flp. If you would like to discuss your specific FLLC questions with an attorney, please give us a call at (630)-324-6666.
Why can’t a multi-member manager managed LLC taxed as a partnership do everything a Limited Partnership can without requiring the additional LLC to serve as General Partner? LLCs have much flexibility for creating different classes of ownership for distributions and voting rights, so I don’t understand the rationale of the Limited Partnership for any reason other than the fact they’ve been around longer than LLCs. Is there something obvious, or perhaps not so obvious, that I’m missing?
Hi Robert! Thanks for reaching out with your question! What you're asking may be specific to your case, and we're unable to answer direct legal questions online. However, you can reach out to us at 630-324-6666 or email at info@oflaherty-law.com.
@@Learn-about-law Not specific to anything, especially since I have no case, just simple and a desire to understand in detail.
As far as I can tell, the only reasons to use an LP are because it’s been around longer and more people understand how it works, and the bifurcation if ownership and control is easy to see, i.e. General Partner(s) and Limited Partner(s). But if the same can be accomplished with a properly drafted LLC Operating Agreement, with no need for a second entity to provide liability protection for General Partner(s), it seems that would be preferable, unless I’m missing something.
Thanks for responding. So, am I missing something?