Cohousing-L Mailing List: Re: LLC Bylaws?

[Tom Hammer (thammer302]

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