What’s the difference between an LLP and LLLP with respect to US real estate purchases?
Allan Madan, CA
Question:
I live in Canada and I’m a US real estate investor. I want to set up a limited partnership in the US for real estate I own but I have no idea what the difference between an LLP and an LLLP is.
Answer:
In an LLP (limited liability partnership), the partners assume the management roles in the entity but each partner is not liable for another partner’s actions. In an LLLP (limited liability limited partnership), a general partner is not liable for another general partner’s actions and the management roles are assumed by only the general partners, not the limited partners.
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ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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