Why an LLP?

[werking4sense]

What is the name of your state? GA
My brother, sister and I recently inherited some land and a house when my mother passed. The house is paid for and will be used as a vacation retreat on the weekends...we will not be renting it out. Enough money was left in a checking account for maintenance and taxes for a few years and we all contribute to the account monthly.
My sister seems to think forming an LLP is what we need to do.
Can someone tell me the pro's and con's of putting my inheritance into an LLP? We are not renting or leasing or conducting any type of business so I am unsure why we need to set this up. Thanks in advance!

 

[HomeGuru]

What is the name of your state? GA
My brother, sister and I recently inherited some land and a house when my mother passed. The house is paid for and will be used as a vacation retreat on the weekends...we will not be renting it out. Enough money was left in a checking account for maintenance and taxes for a few years and we all contribute to the account monthly.
My sister seems to think forming an LLP is what we need to do.
Can someone tell me the pro's and con's of putting my inheritance into an LLP? We are not renting or leasing or conducting any type of business so I am unsure why we need to set this up. Thanks in advance!

**A: what is this LLP? Are you talking about an LLC?

 

[werking4sense]

**A: what is this LLP? Are you talking about an LLC?

No, it is a limited liability partnership according to the attorney that my sister hired. I haven't signed anything yet so that's why I'm searching for advice on pro's and con's. My sister seems to think having our inheritance in an LLP will protect our assets if anything goes wrong.

 

[HomeGuru]

No, it is a limited liability partnership according to the attorney that my sister hired. I haven't signed anything yet so that's why I'm searching for advice on pro's and con's. My sister seems to think having our inheritance in an LLP will protect our assets if anything goes wrong.

**A: talk to a business attorney. We could write a book on the pros and cons of LLC v. LLP v. trust v. Inc.