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LLC As GP Of LP?

jysl profile photo
  • Friday, October 14, 2005 @ 07:15 PM EDT
  • 3 Comments
What do yall think of this? Setting up an LLC and using that as the general partner of a LP? Can you give me some suggestions...positive or negative? Do you know anyone who is doing this? What do they like/dislike about it? Thanks
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  • jysl
    jysl13th October, 2005
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    I heard this could get you around the franchise taxation that a LLC has. Also, the LLC being the GP will carry the liability, not yourself.

  • jysl
    jysl13th October, 2005
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    thanks, I will do that.

  • niravmd
    niravmd13th October, 2005
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    how about having a C corp as managing partner of the LLC with a 1% ownership. i own the remaing 99%?

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