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What is the difference in an LLC and a Limited Partnership

Resolved Question:

What is the difference in an LLC and a Limited Partnership? Which one would I want to open? Details below:

My dad and his father are seeking investment capital from 25 people. They are asking for 100K per share; a total of $2.5M. What are the biggest differences between the two and which one would be most beneficial to our new company? We want what would be best for everyone, as well as quick/most inexpensive to create.

I am in the middle of creating a business plan and would like to tack on a partnership agreement I just need to know which style to go off of...an LLC or a Limited Partnership. Thanks! =)
Submitted: 2 years ago.
Category: Legal
Expert:  NateLawAnswers replied 2 years ago.

Thank you for your question and welcome to JustAnswer.com.

 

A limited partnership means you have several silent partners who are not involved in running the business. The managing partner would be beyond the scope of limited liability and fully exposed to the liabilities of the business.

 

In an LLC, everyone is protected. There are no benefits to a limited partnership that an LLC won't cover.

 

Considering what you have described, I would recommend an LLC.

 

I will be happy to follow up with you if you have additional questions. In the meantime, please click ACCEPT so that I can get credit for answering your question. Of course, if you really liked what I could help you with, please consider a Bonus, too!

 

Thanks!

Nathan Moore

NateLawAnswers, Attorney
Category: Legal
Satisfied Customers: 10452
Experience: Over 8 years of legal practice.
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Customer: replied 2 years ago.

Hi there - thanks for the info - I guess I just have a few short follow up questions for now:

 

 

1. What is the cheapest way to get an LLC started/opened? Do I do this online?

2. How much do you think it will cost?

3. How long do you think it will take?

 

These are my final questions regarding this matter, thank you! =)

Expert:  NateLawAnswers replied 2 years ago.
It depends on the state whether you can do it online, as well as the total cost. Usually the fee will be between $100.00 and $300.00, depending on the state. The process itself takes all of a few minutes to form one with the state.
NateLawAnswers, Attorney
Category: Legal
Satisfied Customers: 10452
Experience: Over 8 years of legal practice.
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