I'm setting up an investment club with 12 friends to flip property in California, our home state. Each of us will put in an equal amount of money. There will be one managing member (or general partner). What is the best entity to form? LLC? LP? Other?
I think you need to consult with a CPA on this one .
I can appreciate you thinking about more opportunities than a simple LLC. There are indeed some situations in which an LP or an LLP would be a good idea. I would incorporate the prior advice about having a CPA, but I would consult an attorney too about the different legal liability questions you face with an LP/LLP, reporting requirements, and best practices.