LLP or LLC???
I am converting a personal residence into a rental and am wondering what would be the benefit of starting an LLC compared to an LLP? The partner would be my wife. I am thinking of possibly the benefits of an LLP being that we can write off meals and entertainment for when we go out to eat and discuss the property and some asset protection being that there is two owners. Thoughts? Am I way off on this? Also, do I need to transfer title into the LLP/LLC or can I just use the entity to manage the rental transactions and still get the personal liability protection? Overall I am mainly interested in the best option for tax purposes and personal protection.
Thanks BP!