Posted by: D. Barazandeh ®
07/17/2003, 13:00:34
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The LP is not the 'most secure' vehicle per se. I suspect the reason the LP was recommended was to avoid FRANCHISE taxes here in Texas. You will typically have to pay franchise taxes if the entity (LLC, Corp.) makes more than $100,000 in income per year. The amount will be based on the income over $100,000. Trying to avoid taxes does not necessarily make the LP the preferred vehicle. As I mentioned in the other post on this topic the LP does not offer protection from the errors, acts, and omissions of others partners. The LP is also a pass thru entity therefore you cannot defer paying taxes on income either. If you have any more questions contact myself or another attorney. This is a case-by-case decision and need to sit down with someone to make sure that all factors are taken into account.
Warmest Regards,
Darius M. Barazandeh, JD/MBA
NOTE: Any material found on this discussion forum or email with Mr. Barazandeh is not a substitute for detailed consultation with an attorney and does not create an attorney/client relationship. Information contained within this discussion forum is NOT intended to be, nor should it be taken by the reader as legal, financial or tax advice BUT are for educational purposes only. If the services of a real estate attorney are needed please email Mr. Barazandeh or another attorney to learn about becoming a legal client.
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