When to use a Limited Partnership | Mark J Kohler | Tax & Legal Tip

[@jaysant6958]

When I think of limited partnerships I think about having to involve another person. That's not the case tho, right? Because the limited partner can be me and the general partner can be an LLC that I form as well. Is this correct?

[@MarkJKohler]

Check out this blog I wrote about partnerships! markjkohler.com/steps-to-succeed-in-a-partnership-dos-and-donts/

[@MA-zo6tb]

Thanks Mark for great intro to this topic. Do you think as Trader (Stocks/bonds) is it more tax efficient to form LLP than S Corp?

[@chrisibrahim4519]

Hey Mark - Are there any possibilities to become a general partner by default because you're actively participating in the business by making day -to- day decisions if there was no written agreement at the time of formation even if the business was formed as an LLC? Thanks.

[@Kaicerberus]

lose the music, I can barely focus on what you're saying

[@leilabenzair9926]

George Miller agree

[@ahandymanishere]

Thank you for your video! I am an AC technician but don't have an AC contractor license. I have a limited partner who has a contractor license to benefit from? That way I can pull permits and operate my AC technician certificate without having to have the contractor license.

[@alliesteamc3546]

In Wash dc, what is the difference between a LLC and Limited partnership from all the various aspects. Thank you!

[@assetstopurchase8432]

Shouldn't depreciation be deducted as a loss from your net income for lower taxes in an LLC? Wouldn't depreciation also be deducted as a loss from your income in an LLP? Are you saying that depreciation will keep on accumulating and you won't be able to draw any profit out of the LLP till your income exceeds the depreciation or till you sell the assets? This is rather strange! LLCs get to charge depreciation as an expense, but LLPs can't until it's realized on the sale of the asset? And you believe LLPs have greater charging order protection than LLCs, even when you want the GP to be an LLC to limit the GP's liability? Would the members of the LLC be safe from the charging order just because the GP is an LLC? You can limit the GP's stake to 1%, but the GP could still incur unlimited liability because only the LPs have limited liability, right?

[@GrandRoofingInc]

Hi Mark. Thank you for all of the content you have been putting out! I have been binge-watching the past couple days and learning a lot! I have a question, I have a 10 acre undeveloped tract of land behind my house that is in a floodplain. I don't do much with it but hunt on it. My question is, it has close to $50,000 worth of black walnut timber ready for harvest, what is the best thing to do with it for personal asset protection and tax savings? Thanks, Brian.

[@MarkJKohler]

Great question! As far as asset protection strategies and tips, here's a playlist of videos that I put together to help you figure out what is best asset protection strategy for you : kzbin.info/aero/PLZPD0F2WWU7m2_M6C-wIUcaCi9bBmAMIP. For tax savings there are a lot of options. Here's a playlist full of different tax deductions that you could try: kzbin.info/aero/PLZPD0F2WWU7m2_M6C-wIUcaCi9bBmAMIP. I hope you find these videos helpful. It's a little hard to fully answer your question over KZbin comments, so first, check out these videos. If you still have questions, reach out to my Marketing Director at [e-mail], and he will be more than happy to take care of you. Thanks for watching my videos!

[@GrandRoofingInc]

@@MarkJKohler I was worried your channel might be too big to respond, thank you for getting back so quickly! I definitely plan on binge watching some more the next few nights! Do you care if I create a playlist with your videos on my Roofing channel? My business partner and I are planning on contacting your firm! Can you work with us in Indiana? Thanks again!

[@lancequek5203]

Hi, I'm running a private equity firm and some of my partners are saying to me to consider a Series LLC. We've been using the LP structure with a S-Corp acting as the GP and us entering as Special Limited Partners to enjoy our carried interest. Any thoughts about switching to SLLC? Thank you m

[@MarkJKohler]

Hi Lance, this is an awesome topic. I have a 45 min video on Series LLCs and when to use one. Check it out here: kzbin.info/www/bejne/o5u5fJ15ntJmncU. I hope you find that helpful. I have tons of other videos on my channel that you can check out but if you need additional help, please reach out to my Marketing Director at [e-mail]. He can get you connected with an attorney who will really help you figure out the best strategy for you to save on taxes.

[@cecevolchko8170]

your link for the e-book did not work for me, may you send me the e-book please?

[@MarkJKohler]

Here is the link again markjkohler.com/youtube/ . Let me know if it works!

[@peacexo11]

Thank you !

[@tommyrodriguez7096]

Great videos Mark! Just bought both of your books as well. Question, is there any advantages or disadvantages for using an LP or LLP for real estate? I can't find much on this....

[@tommyrodriguez7096]

For the record, the books haven't arrived yet lol...

[@MarkJKohler]

Hey Tommy, just checked on your order, should be there tomorrow! I have an article on the LP or LLP strategy... but its VERY old, I apologize, I will have to update that article and get a video out on it! Here is the link if you want to read it: markjkohler.com/limited-liability-limited-partnerships-lllps-sense/ just be weary, some things might have changed.

[@Ubernoob85]

The carry forward bucket you talk about are the passive activity loss rules, right?

[@MarkJKohler]

Yes....check out this video too: kzbin.info/www/bejne/bZuzfGmaa7yFZqs You'll love it. However, I REALLY recommend that if you have these types of losses or questions that you talk to your CPA and make a plan to use them OR PLEASE consider review with one of my tax attorneys for just a 1/2 hour or 1 hour and make a plan. You'll love it. Call Darci at 435-865-5866.

[@sjkeclipse]

I have an LLC for a fitness clothing line I started, I’ve been using my paychecks from work to buy products, I’m starting to run into situations with my bills, now there is a lot of potential for this to do well, so o want to stick with it, my neighbor has expressed interest in getting involved, I cloud definitely use his financial help, what do you recommend, thanks

[@MarkJKohler]

Hi, I am a bit confused with what you are asking here. Are you asking for my recommendation on your financial situation? Or are you asking me about working with your neighbor?

[@meccamusa853]

now I'm even more confused

[@JLW667]

Thank You!!!