Updated about 18 years ago on .
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LLC or General Partnership?
I'm gonna partner w/ a guy to do a refi on a number of homes. He needs to have a partner w/ good credit to do the refi since his is not that great. The homes already have close to $100k equity built in. We talked about LLC and partnerships although we're both newbies when it comes to this.
Anyway, I know everyone is really pushing the LLC structure b/c of tax and liability benefits; but wouldn't it be easier to go general partnership and not have to worry about sending an earnings statement or minutes to the IRS? Or will the taxes kill us as a partnership? I know I should be talking to an attrny abourt this but I figured I'd get some feedback from you guys before I do.