General partners participate in the ownership of the business, while limited partners only invest but don’t participate in management. One individual or several individuals can own an LLC. An LLC can also be owned by an organization, trust, non-US citizen, another LLC, or another legal entity.How is the management structure determined in a LLP?
With an LLP, the management structure is determined by the partnership agreement. Like the operating agreement, the partnership agreement details the roles of each partner, their financial contributions, and profit distributions.Do you have limited liability in a LLP?
After formed, the partners of an LLP may have limited liability like an LLC, but this depends on the state where you filed. In some states, an LLP only provides protection from being responsible for another partner's negligent acts, but the partners remain personally responsible for the overall debts and obligations of the business.Is there a property management company in Cleveland?
Our management fees are competitive with other Cleveland property management companies. We have an understanding of the needs of both local and long-distance property owners. Contact us today to discuss the transfer of a property or properties to IIP Management.