Choice of Entity: Limited Liability Company or Limited Partnership?

Written by Adam Peck Category: Injury Law January 15th, 2013 1 min read

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 register as a foreign LLC in California may have a single member if the law of the other state so provides.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.