The primary advantage of an LLC over a limited partnership is that all members will enjoy limited liability even if they actively participate in the LLC's business. Therefore, says Los Angeles Business Lawyer Steven C. Peck, "an LLC need not have the equivalent of a general partners who is liable for the limited partnership debts". Members will have more flexibility in structuring the LLC's management than limited partners would have in structuring a limited partnership, because a member may participate in management without facing unlimited liability.
A limited partnership is required to have at least one general partner and one limited partner. An LLC that elects to organize in another state and regiater as an foreign LLC in California may have a single member if the law of the other state so provides.
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Contact Steven Peck's Premier Legal toll free at 1.866.999.9085 to talk to an experienced California Business Attorney and visit us on-line at www.premierlegal.org.
