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How to add a LLC entity as general partner in a LP/LLP?: We have started one business as LLP/LP with one general partner in NJ. The general partner intend to leave due to personal reasons (no disputes or litigation) we established another entity as a LLC. Now we want to add the LLC as the GP in the LLP and keep business as usual and finally relieve the current GP. Will there be any issue with this structure? What's the steps requires to achieve this?

Asked 1 day ago in Partnership

Ronald’s answer: The new LLC should be a pass through entity for tax purposes so it does not have an adverse tax change. The LP agreement neefs to be reviewed for the method of transferring the GP interestand GP. the GP

Answered about 19 hours ago.

Where should I setup my LLC in California, Florida or Nevada?: Hi, I am living in Los Angeles, and I want to set up a LLC to receive commissions from a company in Florida for my sales generated overseas (I sales their items overseas and they pay me the commissions). I want to know for my case, where should I setup my LLC in California, Florida or Nevada for tax saving and protection? Thanks!

Asked 1 day ago in LLC

Ronald’s answer: The best location choice requires all of the facts and some tax and legal thought. Since the LLC is a pass throuhgh entity, you will pay State income tax in the State of your residence. Please talk to a good tax lawyer.

Answered about 19 hours ago.

Does S Corporation status provide personal protection for a 100% shareholder?: Can a 100% shareholder of an S Corporation with no other employees be sued personally for their actions within the corporation? Would the answer change if the S corporation had more than 1 shareholder, or employees?

Asked about 23 hours ago in LLC

Ronald’s answer: Anyone can sue, but the corporation will give a layer of protection for you. This is truly a "facts and circumstances" situation.

Answered about 19 hours ago.