Scribd Logo
Upload

Welcome to Scribd!

  • J-Law 11-28 Class Notes

    Uploaded by

    brad jones
    3 views1 page
    This document discusses some key characteristics of LLCs and LLPs. It notes that LLCs lack uniformity between states and that their structure can be either member-managed, where each member has a vote, or manager-managed. It also mentions that an operating agreement is important for an LLC and that voting rights in Connecticut LLCs are based on initial capital contributions. For LLPs, it notes they are creatures of statute, provide pass-through tax treatment, and partners are only liable for their own malpractice. Limited liability limited partnerships provide limited liability for both general and limited partners.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document discusses some key characteristics of LLCs and LLPs. It notes that LLCs lack uniformity between states and that their structure can be either member-managed, where each member has a vote, or manager-managed. It also mentions that an operating agreement is important for an LLC and that voting rights in Connecticut LLCs are based on initial capital contributions. For LLPs, it notes they are creatures of statute, provide pass-through tax treatment, and partners are only liable for their own malpractice. Limited liability limited partnerships provide limited liability for both general and limited partners.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    3 views1 page

    J-Law 11-28 Class Notes

    Uploaded by

    brad jones
    This document discusses some key characteristics of LLCs and LLPs. It notes that LLCs lack uniformity between states and that their structure can be either member-managed, where each member has a vote, or manager-managed. It also mentions that an operating agreement is important for an LLC and that voting rights in Connecticut LLCs are based on initial capital contributions. For LLPs, it notes they are creatures of statute, provide pass-through tax treatment, and partners are only liable for their own malpractice. Limited liability limited partnerships provide limited liability for both general and limited partners.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Disadvantages to LLC

    - Not a lot of uniformity to it


    o States differ shit
    o 1 member llc rhode island don’t recognize – sole proprietorship fucked
    - Member Managed
    o Each owner is a member, and each has a vote
     Majority Rules
    - Manager Managed
    o Blah
    - Operating Agreement – Good thing special
    - CT Voting Rights are based on the capital contributed at the beginning

    LLP’s

    - Creatures of statute
    o Pass-through entities
    o Only liabile for their own malpractice

    Limited Liability Limited Partnership

    - Both partners (general and limited) both have limited liability

    You might also like