Thank you for your question, and thanks for using JustAnswer.com
The LLP is a limited Liability partnership, and you would have one general partner at least and then the rest limited partners. This provides limited liability for the limited partners
I would reincorporate as an LLC not an LLP
The advantage to ridding your self of the s corp and starting the llc would be that no longer would you have restrictions on who could be shareholders.
There are restrictions on who can be shareholders of an S corporation and if you side step those you could lose your s status
This would be your primary advantage
If you don't mind that there are restrictions on who can join your business then there's no advantage
Is there anything else that I can assist you with today?
If not, please rate my response as "excellent" so that I may receive credit for assisting you today
Yes I understand and we do not mind the restrictions . . . can you respond to my question about ridding ourselves of the tax history? Thanks
I don't see a benefit of doing that...it's just a matter of preference
Is there anything else that you may need
No, I am all set.