Limited Liability Companies

A Limited Liability Company (LLC) is another vehicle for protecting your assets and is more sophisticated than a Limited Partnership. In comparing an LLC to a Limited Partnership there are two distinct differences. In a Limited Partnership, the limited partners cannot participate in managing the business, in an LLC they can. In a Limited Partnership the general partners are personally liable for business debts, in an LLC, all owners get the benefit of limited liability protection from business debts and claims.