tag:blogger.com,1999:blog-2278024071272076339.post2085519385090376231..comments2023-09-29T07:00:00.254-06:00Comments on Canadians With US Property: LLP or LLLP?cewusp@gmail.comhttp://www.blogger.com/profile/15813174440283749817noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2278024071272076339.post-13853654326645380252012-01-30T15:42:11.011-07:002012-01-30T15:42:11.011-07:00In most cases, LLP is the best for a couple as you...In most cases, LLP is the best for a couple as you stated. LLLP is better for partners that don't have legal right to each others assets. However, there are other situational factors to consider that could change the optimal structure, such as marital status, state laws, and how much of the time the property will be rented.<br /><br />The benefit of using an LLP or LLLP over buying it personally is to avoid double taxation.<br /><br />Jeff Galloway<br />jgalloway@southboundconsulting.ca<br />www.southboundconsulting.caJeff Gallowayhttp://www.southboundconsulting.canoreply@blogger.comtag:blogger.com,1999:blog-2278024071272076339.post-77189492000230218392012-01-18T07:24:32.836-07:002012-01-18T07:24:32.836-07:00After reading the link you posted, it seems that b...After reading the link you posted, it seems that by using an LLP, you have protected yourself from any malpractice suits against your wife and your wife has been protected against any malpractice suits against you. However, you are both still liable personally for anything you do. I don't really see any advantage of using an LLP over buying the property personally.Anonymousnoreply@blogger.com