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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!
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! =)
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