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LLC and Family Limited Partnership Comparison

Law Office of David M. Goldman PLLC represents individuals and Florida Businesses in Jacksonville and the surrounding areas in Florida Business law and Florida Business Formation. Our Florida Business Attorneys and Florida Business Lawyers work with clients in to help them choose the correct entity to use when conducting business.

The Florida Family Limited Partnership is similar to the management in a Manager managed Florida LLC.

The Florida LLC can be different in respect to the tax effects. If you select the default tax treatment for a Florida Limited Liability Company its members are taxed the as if they had a Family Limited Partnership or based upon their percentage of ownership. This can be changed in a LLC Operating Agreement if a different allocations of profits and losses are desired in respect to the actual membership interest. The differing allocations are only available when the Florida LLC has not chosen to be taxed as a S-Corp. When a LLC is taxed as a partnership, the income of the LLC will "Pass Through" to its members and they will be taxed as if they had earned the income themselves.

A significant tax advantage of the Florida LLC over the Family Limited Partnership is that the Florida LLC has the option to be taxed as a S-Corp. This is accomplished by filing an S election with the IRS in the same manner as with a Corporation.

While a Florida Family Limited Partnership offers its limited partners potential protection from liabilities of the business entity, a Florida Limited Liability Company will provide protection of the members' assets from company liability. In addition, if the Florida LLC is structured properly, the business assets can be protected from the personal liability of the members or owners. One's ownership of a Family Limited Partnership has a greater chance of being at risk in the case of personal liability than that of a properly structured Florida LLC.

The Florida LLC requires is generally less complex to operate than the Florida Family Limited Partnership.

If you need help with starting or managing a Florida Business CONTACT our Florida Business Lawyers by email or call us at 904-685-1200 to discuss your situation today.

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After years of trying to protect my assets from creditors, I was shocked to find out that my assets were unprotected in ways I had never considered. Not only had I placed my assets at risk from my mother's creditors, but I had placed my assets at risk from other family members who were intent on manipulation. When my mother died, I discovered that a family member had changed my mother's estate planning documents. Mr. Goldman and his team were able to explain what went wrong and successfully defended my position in court. During the case, I learned that I could have had much better protection from family and creditors, thus avoiding years of litigation and undue familial stress. When it comes to protecting your assets and your family, I would highly recommend hiring Mr. Goldman and his team. Bill H.
As a real estate agent, I have been involved with many property transactions where I needed a probate attorney to help facilitate the transaction. I have used the services of Mr. Goldman and his staff over the last several years and continue to use them on a regular basis. His office has been able to navigate the court system and help estates sell their property quickly and efficiently. In addition, Mr. Goldman can help real estate investors structure trusts to protect their assets from creditors. Michael Starling
This office is fantastic. I was faced with a horrible situation and this office helped to put an end to the untenable situation. Ms. Kendal Schoepfer was always available before, during, and after office hours to answer any questions that I had. I highly recommend this law office to all. Tisha Brown
Kendal was an amazing answer to a difficult time. Highly recommend her!!! Dana Ramsey