What is the name of your state (only U.S. law)? CAlifornia
8 couples have owned some real estate in California for the past 25 years. We have operated under a formal General Partnership agreement. It was however run by one person who made all decisions. We want to continue to operate the same way (one person in charge) but are concerned, with advancing age, some of us will die and we don't want the heirs to be able to come in and force changes.
So we are considering changing the way we operate. A Limited Partnership would seem to work but since we are changing would a LLP or LLC be a better way to hold the property.What is the name of your state (only U.S. law)?
8 couples have owned some real estate in California for the past 25 years. We have operated under a formal General Partnership agreement. It was however run by one person who made all decisions. We want to continue to operate the same way (one person in charge) but are concerned, with advancing age, some of us will die and we don't want the heirs to be able to come in and force changes.
So we are considering changing the way we operate. A Limited Partnership would seem to work but since we are changing would a LLP or LLC be a better way to hold the property.What is the name of your state (only U.S. law)?