LLC or LLP

[Learjtr]

What is the name of your state? Texas

I own some rental properties. I have been doing business on a personal basis. I am now buying a larger property of 55 units with a partner. I need to protect myself of liability. I was looking at forming a Limited Liability company. I have since been informed that I have the option of forming a Limited Liability Partnership. I cannot find much info on a LLP what are some major differences of the two and can we have 2 General partners and no limited partners. If we want to add limited partners later is it possible and is it very hard to do? My last question is how can I tie my rental properties in to all this and keep them as my own?

Thanks,
Learjtr.

 

[JETX]

With the amount at risk, it would be ridiculous to rely on a free advice forum for this advice. Spend the small amount of money needed to get an attorney to advise you and create the documentation needed to create either entity.