Useful Applications of Limited Liability Companies

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

Most practitioners believe that a corporation is an inappropriate entity to hold real property because of the potential double taxation and other tax considerations says California Business Attorney Steven C. Peck.

Likewise, California Business Lawyer, Steven C. Peck explains, “S corporations are subject to penalty taxes for built-in gains and excess passive income, limiting their usefulness.” Peck goes on to say, “As a result, real property and other appreciating assets are typically held individually or in a partnership, which alternatives require that the owners assume general liability unless the entity is a limited partnership with a corporate general partner.”

Steven Peck goes on to explain “An LLC may offer more protection to its members than a limited partnership if the members are actively involved in the operation of the business, and it avoids the necessity of establishing a corporate general partner.”

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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.