Sole Proprietorship vs. General Partnership vs. Corporation vs. Limited Partnership vs. LLC

[@lisandrot01]

Great video, just one question: why not a LP for running a business? Since the limited partners have limited ability to make decisions, does that not protect me (the sole general partner)?

[@ProtectWealthAcademy]

Great question. Honestly it depends. In today's world LLCs are more and more common. It used to be that LPs were more common and even more protective due to their long court history of over 100 years. However, LLCs came out in the 70s and now more and more states have adopted them and they are now more protective than even LPs in many states. So really it all depends on the state and what you are using it for. But just remember that LLCs have so many benefits and are flexible that you should definitely consider one where applicable. Let us know if you have any other question.