|Re: LLC Bylaws?||<– Date –> <– Thread –>|
|From: Tom Hammer (thammer302yahoo.com)|
|Date: Sun, 10 Jun 2007 09:37:13 -0700 (PDT)|
In PA where we have set up an LLC, our lawyer tells us that to protect the assets of the individual members and the LLC, we also need an LLP. An LLP requires a primary partner, and that is the LLC, but it is only a 1% partner. The community members constitute the other partners in the LLP, but no other member except the primary partner is liable. Most of the cash would be in the LLC, so if the LLP is sued, it has few assets to go after, and the LLC is only 1% liable. That't my understanding. Has anyone else run into this advice or use this structure? Tom Hammer Concord Village
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