SHOULD THE SHARED OR FRACTIONAL OWNERSHIP USE A LIMITED LIABILITY COMPANY (LLC), OR LIMITED PARTNERSHIP (LP) OR LIMITED LIABILITY PARTNERSHIP (LLP)?
Owning a vacation home as a limited liability company (“LLC”), limited partnership (“LP”), limited liability partnership (“LLP” which is not possible in the US), corporation, or other entity (rather than in the names of the co-owners) can offer several advantages, including (i) protecting other assts from liabilities arising from fractional ownership, (ii) protecting the shared property from seizure by creditors of co-owners), (iii) increasing flexibility for ownership changes, and (iv) adding the structure created by the large body of law that is applicable to these entities (but doesn’t otherwise apply to co-ownership). For properties located outside the United States, owning the shared vacation property through an entity offers additional advantages which are discussed below. But owning a vacation home through a LLC or other entity also has drawbacks. Creating and maintaining the entity structure involves extra costs, including formation fees, special taxes, and the annual cost of p
- ARE THERE ANY RESTRICTIONS ON A PHYSICIAN PRACTICING MEDICINE UNDER A LIMITED LIABILITY COMPANY (LLC) OR LIMITED LIABILITY PARTNERSHIP (LLP)?
- What are the differences between a corporation, a limited liability company (LLC), and a limited liability partnership (LLP)?
- Should the shared or fractional ownership vacation home be held in a limited liability company or limited partnership?