WHICH BUSINESS STRUCTURE IS RIGHT FOR YOU?

Limited Liability Company (LLC) - is a hybrid entity that combines the pass through attributes of a partnership with the corporate characteristics of limited liability. It passes all of the profits and losses directly to the individual members (i.e., owners) of the LLC who are therefore taxed at their personal tax rates. Members’ personal assets are protected against any business claims because the LLC separates the members from the business itself, so there is no personal liability for LLC debts. The structure can be used to hold property and transact any type of business.

Family Limited Partnership (FLP) - is a legal, formally established business entity that can be the owner of life insurance, family vacation property or most other assets. A limited partnership consists of general partnership interests and limited partnership interests. An FLP is typically structured with the general partnership portion holding less than 5% of the total value of the assets of the partnership, with the limited partnership holding the balance. Partnerships are very flexible and generally have many additional tax benefits compared to other entity structures. BLIG, Inc. will file all the paperwork for you through our independent law firm that will create your agreement.

Limited Liability Limited Partnership (LLLP) - is an entity that combines the liability and protection benefits of incorporating with the pass-through taxation benefits of partnerships. At least two people are required to form a limited partnership – one is named a general partner and one a limited partner. The limited liability clause has limited consequences to the partners. BLIG, Inc. will file all the paperwork for you through our independent law firm that will create your agreement.