LLC vs. LP

By Jeff W. Nunes, Esq. and Christen E. Gay, Associate

What's the difference between an LLC and an LP?

Limited Liability Company

A Limited Liability Company (LLC) is a business entity that utilizes the best practices of corporations and partnerships while avoiding many of their organizational restrictions. For example, an LLC combines the limited liability feature of a corporation with the pass-through taxation of a partnership. 

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