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LLC and 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 Limited Partnership can similar to a LLC in control when its members manage the LLC. If the Florida LLC is manager managed there can be significant differences in the control of the company in much the same way as with a Florida Limited Partnership. Unlike the Limited Partnership, a Florida LLC does not require that one partner, the General Partner, be personally responsible for the debt of the business entity. In addition, there is no risk of becoming liable by participating in the management activities of the 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 the members are taxed the as if they had a Limited Partnership or based upon their percentage of ownership. This can be changed in a LLC Operating Agreement if 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 taxed as a partnership, the income of the LLC will "Pass Through" to the members and they will be taxed as if they had earned the income themselves.

A significant tax advantage of the Florida LLC over the 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 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 an 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 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.

Client Reviews
★★★★★
"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..." Michael Starling
★★★★★
"I've had Mr. Goldman do my entire estate planning as well as my gun trust. I highly recommend him and his firm. If you're planning a gun trust, trust no one else Mr. Goldman is one of if not the best versed on this topic." Howard
★★★★★
“Attorney Robert Wilbert of David M Goldman, PLLC, will be the first and only attorney I would ever recommend to a consumer in my position. Mr. Wilbert was professional, answered my numerous questions without hesitation, provided straightforward answers and options. He explained the process thoroughly. He was available to assist before and after the process to make sure all issues had been resolved…” Kameron Knowlton
★★★★★
“Great service is an understatement. We bought several properties that Mr. Goldman handled for his clients. The communication and explanation of everything was terrific. I would definitely recommend him for all of your real estate needs.” Kassandra
★★★★★
“After struggling with 2 probate cases prior to hiring attorney Goldman I was extremely apprehensive during the hiring phase. Not only did Attorney Goldman assure me they could take care of this his office was wonderful. Jennifer was assigned to my case and she was wonderful and were able to guide another probate case I had saving me additional time and frustration. Highly recommend this office.” Debbie