is LLC or LLP best for business?

Discussion in 'Legal Issues' started by lavitra, Feb 20, 2009.

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  1. #1
    if one was starting a business, which one would be the most tax efficient, and protect the owner of the business the best ?
     
    lavitra, Feb 20, 2009 IP
  2. lavitra

    lavitra Banned

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    #2
    seems like incorporation is best, as it completely creates a separate legal entity.


    is it legal to make a generic corporation name, and operate many different business under it? for example,

    CRZZZY COMPANY LOL Inc.

    this company owns toy company, runs web hosting, foods etc.
     
    lavitra, Feb 21, 2009 IP
  3. tobycoke

    tobycoke Well-Known Member

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    #3
    I am not a lawyer or tax professional. Tax & liability laws vary by country and by state.

    My understanding is that LLCs and LLPs are taxed the same but the LLP is specifically for partnerships and offers more liability protection than an LLC if the other partner screws up.
     
    tobycoke, Feb 21, 2009 IP
  4. stunna

    stunna Peon

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    #4
    Yeah, LLP is better for partners.

    Regardless of what you choose to do, try to incorporate in Delaware. They have some of the best corporate tax benefits and policies.
     
    stunna, Feb 22, 2009 IP