Limited Partnership vs Manager Managed LLC

4 Replies

Hi BP, can anyone explain to me the difference between a limited partnership and a manager managed LLC? They seem very similar.

That linkup there ^^^^^^ that @Taylor L. shared REALLY sums it up. If some of you didn't look at it and are wondering about this GO READ IT :-)

When you read the differences between the two you could wonder why someone would use an LP instead of an LLC as the LLC seems to be better.

For asset protection purpose, LP have a much longer history of case law that can be relied on, especially regarding charging order protection. So, while only some states have great charging order protection for LLC, LP are seen as a more robust and proven asset protection entity than LLCs.