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Will a limited partnership (LP) or limited liability company (LLC) protect my assets?

Posted by attorney Barry Haimo

There are several different types of business entities, with each having its own unique advantages and disadvantages. Business entities are designed in large part to limit the exposure to liability that owners/investors/shareholders may face. They all do a good job of protecting the owners from creditors of the business, or "inside creditors". However, they are very different with respect to how they protect owners' interests in the entities from their personal creditors, or "outside creditors." You are less protected from your personal creditors with a corporation electing to be treated as a small business corporation (S-corp). In other words, you are exposing yourself to unnecessary liability and you are at risk of having your business being taken away from you.With multi-member LLCs and limited partnerships in Florida, you are much more protected from losing your business interests. You must structure them properly in order to ensure that you can enjoy the benefits they provide.

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