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    Molly Major's Avatar
    Molly Major Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 15, 2009, 02:21 PM
    Set up of an LLP or Corporation
    Hello,

    I am looking for the pros and cons of setting up these entities related to liability and taxes?
    I live in AZ.

    Regards,
    Molly
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jul 16, 2009, 08:14 AM

    Hello M:

    Your question can't really be answered accept accidemically, and you can read about that anywhere.

    What WE'RE good at is telling you IF any of these entities would work for YOUR particular situation. So, if you'd like, please tell us what you want to do, and why you want to do it.

    Otherwise, I'm sure if you Google the phrases, you'll come up with a ton of stuff.

    excon
    SafeHeart's Avatar
    SafeHeart Posts: 53, Reputation: 1
    Junior Member
    		  
    #3

    Jul 19, 2009, 06:52 PM

    Not a lawyer here but with Limited Liability Partnerships you only pay income tax on the earnings. With a corporation, you pay income taxes on the earnings as well as on the dividends. With both, you have equal protection except that when a partner leaves under a LLP, the company has to be remade. Not so with a corporation.

    Sounds like LLP is better.
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