Limited Liability Partnership
LIMITED LIABILITY PARTNERSHIP
An Entrepreneur is an individual who chooses to go into business by himself. Often entrepreneurs decide to stay a one-person company to keep decisions and quality of work under control. These single entrepreneurs are often called solo entrepreneurs, too. These entrepreneurs are often referred to as free agents, freelancer, self-employed, sole proprietor, or home based business owner (although not all single person entrepreneurs are home-based). This often depends on the professional field they work in.
Many investors have never owned a stock or bond but instead have most of their net worth tied up in a family business or startup. In the past twenty years, Limited Liability Companies, or LLCs, have become one of the most popular ways to hold ownership stakes in these types of businesses. Their unique benefits and protections afforded to the LLCs owners make it easy to understand why they are so highly favored. It is important for you, as a new investor, to understand how they work, why you should care about LLCs and some of the tax implications. This collection of LLC articles, including Limited Liability Limited Partnerships which are a relatively new legal entity that combines aspects of a limited partnership with a limited liability company, will explain the basics to you so you can educate yourself before meeting with a qualified professional.