Comments on: How is a LLC better than a general partnership? http://legalprodirectory.com/how-is-a-llc-better-than-a-general-partnership/952/ Free Consumer Legal Resource Fri, 18 May 2012 10:37:34 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Gordan http://legalprodirectory.com/how-is-a-llc-better-than-a-general-partnership/952/comment-page-1/#comment-4869 Gordan Sat, 31 Dec 2011 05:54:46 +0000 http://legalprodirectory.com/how-is-a-llc-better-than-a-general-partnership/952/#comment-4869 Another advantage of incorporating is continuance. Unlike a sole proprietorship, a corporation has an unlimited life span; the corporation will continue to exist even if the shareholders die or leave the business, or if the ownership of the business changes.Having Ltd., Inc., Ltee., or Corp. as part of your company's name may increase your business, as people perceive corporations as being more stable than unincorporated businesses. If you're a contractor, you may also find that some companies will only do business with incorporated companies, because of liability issues. Another advantage of incorporating is continuance. Unlike a sole proprietorship, a corporation has an unlimited life span; the corporation will continue to exist even if the shareholders die or leave the business, or if the ownership of the business changes.Having Ltd., Inc., Ltee., or Corp. as part of your company’s name may increase your business, as people perceive corporations as being more stable than unincorporated businesses. If you’re a contractor, you may also find that some companies will only do business with incorporated companies, because of liability issues.

]]> By: Doctor Deth http://legalprodirectory.com/how-is-a-llc-better-than-a-general-partnership/952/comment-page-1/#comment-4868 Doctor Deth Thu, 29 Dec 2011 08:02:06 +0000 http://legalprodirectory.com/how-is-a-llc-better-than-a-general-partnership/952/#comment-4868 no other benefits really and a lot more paperwork and tax prep hassle, plus requirement of annual meetings and related crap a gen ptr IS a business - any form of business can deduct normal business expenses - only real diff with a ptrshp compared to a corp is - any money the partners withdraw is not "payroll expense or wages" - all profits from the partnership get shared by each partner on their 1040's (after filing the 1065 partnership return) no other benefits really and a lot more paperwork and tax prep hassle, plus requirement of annual meetings and related crap

a gen ptr IS a business - any form of business can deduct normal business expenses - only real diff with a ptrshp compared to a corp is - any money the partners withdraw is not “payroll expense or wages” - all profits from the partnership get shared by each partner on their 1040’s (after filing the 1065 partnership return)

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